     March 

U.S. International Transactions, Fourth Quarter and Year  By Christopher L. Bach

F Q  . billion in the fourth quarter, compared with an outflow of . billion in the third.  .. - deficit increased The following are highlights for the fourth T to . billion in the fourth quarter from quarter of : . billion (revised) in the third (table A). A decrease in the surplus on services, a shift to a The merchandise trade deficit fell in the • deficit on investment income, and larger net uni- fourth quarter, as a surge in exports, led lateral transfers more than offset a decrease in the by capital goods, outpaced an increase in deficit on merchandise trade. imports. In the capital account, net recorded capital The surplus on services decreased, as inflows were unchanged at . billion in the • travel and passenger fare payments increased fourth quarter. A step-up in acquisitions of U.S. sharply. assets by foreign residents offset a step-up in The surplus on investment income shifted to acquisitions of foreign assets by U.S. residents. • adeficit, as payments were sharply higher. The statistical discrepancy—errors and omis- Net unilateral transfers increased as a result sions in recorded transactions—was an inflow of • of a bunching in U.S. Government grants to

. Quarterly estimates of U.S. current- and capital-account components Israel. are seasonally adjusted when statistically significant seasonal patterns are Among U.S. assets abroad, net U.S. pur- present. The accompanying tables present both adjusted and unadjusted • estimates. chases of foreign securities continued their

Table A.ÐSummary of U.S. International Transactions [Millions of dollars, seasonally adjusted]

Change: 1992 1993 Change: Line Lines in tables 1 and 10 in which transactions are 1992 1993 p 1993 III- included are indicated in ( ) 1992±93 I II III IV I r II r III r IV p IV

1 Exports of goods, services, and income (1) ...... 730,460 753,898 23,438 182,211 181,454 182,038 184,759 183,959 187,679 187,200 195,065 7,865 2 Merchandise, excluding military (2) ...... 440,138 456,766 16,628 108,347 108,306 109,493 113,992 111,480 113,067 111,935 120,284 8,349 3 Services (3) ...... 179,710 186,792 7,082 44,836 44,507 45,350 45,018 46,476 46,810 46,856 46,654 −202 4 Income receipts on investments (11) ...... 110,612 110,339 −273 29,028 28,641 27,195 25,749 26,003 27,802 28,409 28,127 −282 5 Imports of goods, services, and income (15) ...... −763,965 −830,631 −66,666 −181,507 −191,697 −192,666 −198,098 −198,742 −207,614 −207,700 −216,578 −8,878 6 Merchandise, excluding military (16) ...... −536,276 −589,244 −52,968 −126,110 −133,107 −137,105 −139,954 −140,805 −147,465 −147,907 −153,067 −5,160 7 Services (17) ...... −123,299 −131,114 −7,815 −30,788 −30,856 −30,069 −31,589 −31,822 −32,320 −33,001 −33,973 −972 8 Income payments on investments (25) ...... −104,391 −110,273 −5,882 −24,609 −27,734 −25,492 −26,555 −26,115 −27,829 −26,792 −29,538 −2,746 9 Unilateral transfers (29) ...... −32,895 −32,509 386 −7,389 −8,010 −7,147 −10,348 −7,592 −7,300 −7,591 −10,026 −2,435 10 U.S. assets abroad, net (increase/capital outflow (−)) −50,961 −143,872 −92,911 −1,029 −8,695 −10,798 −30,438 −12,715 −29,697 −43,398 −58,062 −14,664 (33). 11 U.S. official reserve assets, net (34) ...... 3,901 −1,379 −5,280 −1,057 1,464 1,952 1,542 −983 822 −545 −673 −128 12 U.S. Government assets, other than official reserve −1,609 −106 1,503 −275 −293 −305 −737 535 −275 −180 −186 −6 assets, net (39). 13 U.S. private assets, net (43) ...... −53,253 −142,388 −89,135 303 −9,866 −12,445 −31,243 −12,267 −30,244 −42,674 −57,203 −14,529 14 Foreign assets in the United States,net (increase/ 129,579 226,380 96,801 19,834 44,450 26,450 38,845 25,875 42,537 71,637 86,330 14,693 capital inflow (+)) (48). 15 Foreign official assets, net (49) ...... 40,684 71,225 30,541 21,124 21,008 −7,378 5,931 10,929 17,699 19,237 23,360 4,123 16 Other foreign assets, net (56) ...... 88,895 155,154 66,259 −1,290 23,442 33,828 32,914 14,946 24,838 52,400 62,970 10,570 17 Allocations of special drawing rights (62) ...... 18 Statistical discrepancy (63) ...... −12,218 26,735 38,953 −12,120 −17,502 2,123 15,280 9,215 14,395 −148 3,271 3,419 Memorandum: 19 Balance on current account (70) ...... −66,400 −109,242 −42,842 −6,685 −18,253 −17,775 −23,687 −22,375 −27,235 −28,091 −31,539 −3,448

r Revised. p Preliminary.     March   •

strong pace, but fell well short of the record ing interest rates, uncertainties surrounding the in the third quarter. October elections and changes in key monetary Among foreign assets in the United States, officials, and projections of an unexpectedly high • net foreign purchases of U.S. securities were Federal Government deficit. especially strong, reaching a record that was more than double third-quarter purchases. CHART 1 The dollar appreciated slightly in the foreign • exchange markets. Indexes of Foreign Currency Price of the U.S. Dollar U.S. dollar in exchange markets December 31, 1992=100 110 The U.S. dollar appreciated  percent on a trade- German mark weighted quarterly average basis in the fourth 105 quarter against the currencies of   coun-

tries plus  newly industrialized countries in Asia, 100 and it appreciated  percent against the curren-

cies of  industrial countries (table B, chart ). 95 Stable U.S. interest rates and a strengthening in the U.S. economy stood in stark contrast to 90 sharply declining interest rates and deteriorating Japanese yen economic conditions in key industrial countries 85 abroad, particularly in Germany and Japan. Ger- man monetary authorities reduced the official 80 discount rate . percentage point in October to 110 counter recession there, as well as to ease tensions 7/8/937/15/93Canadian dollar in the Exchange Rate Mechanism. Other Euro- 105 pean countries permitted their interest rates to decline along with those in Germany. In Japan, 100 interest rates also declined, and yet another fis- British pound cal stimulus package was announced; however, 95 Japan’s economy remained in recession, and its 90 current-account surplus continued to rise. 12-31-92 3-31-93 6-30-93 9-30-93 12-31-93

In the United Kingdom, authorities lowered Indexes prepared by BEA from eeklyw data. base lending rates in November to accelerate U.S. Department of Commerce, Bureau of Economic Analysis the expansion already in place. In Canada, the Canadian dollar was pushed lower by declin-

Table B.ÐIndexes of Foreign Currency Price of the U.S. Dollar [December 1980=100]

1992 1993 1992 1993 IV I II III IV Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

Trade-weighted average against 26 currencies 1 ...... 100.0 100.7 98.7 101.0 102.7 101.1 101.0 101.0 100.1 98.1 98.1 99.8 101.4 100.9 100.7 101.9 103.0 103.3 Trade-weighted average against 10 currencies 2 ...... 97.4 102.6 100.0 103.1 104.3 99.6 101.6 103.2 103.0 99.7 99.3 101.0 104.1 103.8 101.3 102.6 105.0 105.3 Selected currencies: 3 Canada ...... 105.5 105.5 106.2 109.0 110.8 106.4 106.8 105.4 104.3 105.5 106.2 106.9 107.2 109.4 110.5 110.9 110.1 111.3 European currencies: Belgium ...... 100.9 106.4 105.2 112.0 113.3 102.8 105.0 106.9 107.2 103.8 104.4 107.5 112.1 113.7 110.1 112.7 114.5 112.8 France ...... 115.7 121.7 119.9 127.7 128.2 118.5 120.2 122.1 122.9 118.5 119.0 122.3 128.4 130.2 124.6 126.4 129.7 128.4 Germany ...... 78.9 83.1 82.4 85.3 85.6 80.5 82.1 83.5 83.7 81.2 81.7 84.2 87.3 86.2 82.5 83.4 86.5 87.0 Italy ...... 146.0 165.6 161.4 169.9 177.4 150.7 159.7 167.2 169.8 164.6 157.4 162.1 169.8 172.6 167.2 172.6 178.3 181.4 Netherlands ...... 81.7 86.0 85.1 88.3 88.4 83.3 85.0 86.5 86.6 84.0 84.4 86.9 90.4 89.2 85.3 86.3 89.3 89.7 Switzerland ...... 78.0 84.5 82.1 82.9 82.4 79.8 82.9 85.2 85.4 82.0 81.4 82.9 85.0 84.0 79.6 81.0 84.0 82.2 United Kingdom ...... 149.1 159.0 153.1 156.1 157.4 151.4 153.2 163.1 160.6 152.0 151.7 155.7 157.0 157.4 154.0 156.3 158.6 157.4 Japan ...... 58.6 57.6 52.4 50.3 51.5 59.1 59.5 57.5 55.7 53.5 52.5 51.1 51.2 49.4 50.3 51.0 51.3 52.3

1. Currencies of 22 OECD countriesÐAustralia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, 2. Currencies of Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and United Germany, Greece, Iceland, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Swit- Kingdom. Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by BEA. zerland, Turkey, United KingdomÐplus Hong Kong, Republic of Korea, Singapore, and Taiwan. Data: U.S. Depart- 3. Data: Federal Reserve Board. Monthly and quarterly average rates. Indexes prepared by BEA. ment of the Treasury. End-of-month rates for months; averages of end-of-month rates for quarters.  March      •

Current Account was accounted for by capital goods: Civilian air- craft, engines, and parts rebounded from low Goods and services levels in the previous quarter, and other capi- tal goods continued to increase strongly. Nearly The deficit on goods and services decreased to one-third of the increase was accounted for by . billion in the fourth quarter from . bil- automotive products (mostly passenger cars from lion in the third. A decrease in the merchandise Japan and Germany and automotive parts from trade deficit was partly offset by a decrease in the Canada, Mexico, and Japan). Nonpetroleum in- surplus on services. dustrial supplies and materials (mostly building Merchandise trade.—The U.S. merchandise trade materials) also increased. Consumer goods were deficit decreased to . billion in the fourth virtually unchanged. quarter from . billion in the third. A surge Petroleum imports decreased . billion, or  in exports, led by capital goods, outpaced an percent, to . billion. The average price per increase in imports. barrel decreased to . from ., and the av- erage number of barrels imported daily increased Exports.—Merchandise exports increased . bil- to . million from . million. Domestic lion, or  percent, to . billion in the fourth consumption and inventories increased; domestic quarter. Volume, measured in constant () production also increased. dollars, increased  percent. Nonagricultural exports accounted for most of the increase in Services.—The surplus on services decreased to current dollars, but agricultural exports also . billion in the fourth quarter from . bil- increased. lion in the third. Services receipts changed little, Nonagricultural exports increased . billion, but services payments were boosted by sharply or  percent, to . billion. The increase was higher travel and passenger fares. widespread among major commodity categories, Foreign visitors spent . billion in the United but was largest in capital goods, which accounted States, down  percent. Receipts from over- for one-half of the increase; within capital goods, seas decreased  percent to . billion; receipts the increase was equally attributable to machin- from Canada decreased  percent to . billion; ery (particularly telecommunications equipment) and receipts from Mexico increased  percent and to completed civilian aircraft, which re- to . billion. U.S. travelers spent . billion bounded strongly after a sharp drop in the in foreign countries, up  percent. Payments for previous quarter. Increases were also sizable overseas travel increased  percent to . bil- in automotive products (mostly passenger cars lion; payments to Canada decreased  percent to and trucks to Canada and automotive parts to . billion; and payments to Mexico increased Mexico) and in nonagricultural industrial sup-  percent to . billion. plies and materials (mostly nonmonetary gold). Passenger fare receipts decreased  percent Consumer goods also increased, but by a small to . billion, and passenger fare payments amount. increased  percent to . billion. Other trans- Agricultural exports increased . billion, or  portation receipts were . billion, compared percent, to . billion, following decreases in the with . billion. Much of the rise was in port previous three quarters. Corn, wheat, and soy- expenditures, which benefited from a rebound in beans increased; tobacco and cotton decreased. export volume after two consecutive quarters of The largest increase was in corn, which increased decline. Freight receipts also benefited from the  percent in price. rebound in export volume. Other transportation payments were . billion, up from . billion. Imports.—Merchandise imports increased . Freight payments were higher as a result of higher billion, or  percent, to . billion in the fourth U.S. imports. quarter. Volume, measured in constant () Fees and royalties receipts were virtually un- dollars, increased  percent. Nonpetroleum im- changed at . billion, and fees and royalties ports more than accounted for the increase in payments were virtually unchanged at . billion. current dollars. Other private services receipts were . bil- Nonpetroleum imports increased . billion, lion, up from . billion; financial services or  percent, to . billion. Most major were higher, reflecting higher commissions re- commodity categories increased, but the largest ceived on U.S. securities transactions. Other increases were in capital goods and in automo- private services payments were . billion, up tive products. Nearly one-half of the increase from . billion; as with receipts, higher activity     March   • in financial markets abroad significantly boosted Capital Account commission payments. Transfers under U.S. military agency sales con- Net recorded capital inflows were unchanged at tracts dropped to . billion from . billion. . billion in the fourth quarter. A step-up Direct defense expenditures were unchanged at in acquisitions of U.S. assets by foreign residents . billion. offset a step-up in acquisitions of foreign assets by U.S. residents. Investment income U.S. assets abroad Investment income shifted to net payments of . billion in the fourth quarter from net re- U.S. assets abroad increased . billion in the ceipts of . billion in the third. Both direct and fourth quarter, compared with an increase of portfolio income payments were sharply higher. . billion in the third. The step-up was the result of a shift to outflows for U.S. bank Direct investment income.—Income receipts on claims and a step-up in outflows for U.S. di- U.S. direct investment abroad decreased to . rect investment; these step-ups were partly offset billion from . billion; weakness in petroleum by reduced outflows for net U.S. purchases of and manufacturing earnings continued, but was foreign securities. partly offset by an increase in earnings of finance affiliates. U.S. official reserve assets.—U.S. official reserve Income payments on foreign direct investment assets increased . billion in the fourth quarter, in the United States increased to . billion from compared with an increase of . billion in the . billion; earnings were sharply higher for third. manufacturing and wholesale trade affiliates. U.S. Government assets other than official reserve Portfolio investment income.—Receipts of income assets.—U.S. Government assets other than of- on other private investment were . billion, ficial reserve assets increased . billion in the compared with . billion, as higher receipts fourth quarter, the same amount as in the third. on large U.S. investment in European stocks was U.S. credits and other long-term assets in- dominated by . billion in net purchases of creased . billion, compared with an increase foreign bonds in recent quarters more than offset of . billion. The step-up resulted from the continued reductions in receipts on bank claims. extension of new credits to the Government of Payments of income on other private invest- the Russian Federation (reflecting the consoli- ment were . billion, up from . billion, as dation and rescheduling of certain debts of the higher payments on large foreign purchases of former Soviet Union that were owed to or guar- U.S. bonds in recent quarters were augmented anteed by the U.S. Government) and additional by a small increase in payments on U.S. bank disbursements under dollar credit sales programs liabilities. to developing countries. Receipts of income on U.S. Government assets U.S. foreign currency holdings and other short- were . billion, down from . billion. Pay- term assets decreased . billion, in contrast ments of income on U.S. Government liabilities to a . billion increase, reflecting the acquisi- were unchanged at . billion. tion of . billion in unpaid claims (under the Commodity Credit Corporation’s export credit Unilateral transfers guarantee program) on the former Soviet Union from private U.S. banks. (These unpaid claims Net unilateral transfers were . billion in the were consolidated and rescheduled into a new, fourth quarter, compared with . billion in the long-term lending facility, and the new dis- third. bursements were recorded as increases in U.S. U.S. Government grants were . billion, up Government long-term credits.) from . billion. The step-up was due to the fourth-quarter distribution of cash to Israel (. Claims reported by U.S. banks.—Claims on for- billion), which was drawn completely in the first eigners reported by U.S. banks increased . quarter of the U.S. Government’s fiscal year as billion in the fourth quarter, compared with a soon as funds were appropriated by Congress, decrease of . billion in the third. The strength and to additional funds (. billion) disbursed came from claims on “other private foreigners;” to Israel to finance military purchases. interbank claims increased only a small amount.  March      •

Interbank claims increased . billion in the borrowing remained relatively strong. Private fourth quarter, as recessions in many industrial corporations placed  percent of the new issues, countries and only moderate yearend demand for up sharply from  percent in the third quarter. funds limited the increase. Net purchases of outstanding foreign bonds Claims on other private foreigners reported by slowed to . billion from . billion. The slow- U.S. banks increased . billion, reflecting an down in purchases from the United Kingdom increase in claims by U.S. securities dealers on was particularly sharp; British interest rates de- Western Europe and Caribbean banking centers, clined sharply while U.S. rates increased, greatly mostly in October to finance resale arrangements narrowing the interest-rate differential favoring with mutual funds. high-yielding British bonds. Direct investment.—Net capital outflows for U.S. Foreign securities.—Net U.S. purchases of foreign direct investment abroad were . billion in the securities were . billion in the fourth quar- fourth quarter, compared with outflows of . ter, continuing their strong pace, but falling well billion in the third. The sharp step-up was due to short of the record . billion third-quarter unusually large repayments of intercompany debt level. Net purchases of foreign stocks were . to affiliates in finance in the United Kingdom; billion, down from . billion, and net pur- reinvested earnings increased, and equity capital chases of foreign bonds were . billion, down outflows decreased. from . billion. The decrease in net U.S. purchases of foreign Foreign assets in the United States stocks was more than accounted for by an . billion decline in purchases from Western Eu- Foreign assets in the United States increased . rope, which occurred despite strong price gains billion in the fourth quarter, compared with an in many European markets. The decrease in Eu- increase of . billion in the third. The step- ropean purchases was partly offset by continuing up was the result of an increase to record net and strengthening investments in the emerging foreign purchases of U.S. securities and larger in- markets of Latin America and Asia. Net pur- flows on foreign direct investment; these step-ups chases from Latin America were double those in were partly offset by reduced inflows on bank the third quarter, and net purchases from Asia liabilities. were up slightly from a strong third quarter. Net Foreign official assets.—Foreign official assets in U.S. purchases were boosted by . billion in the United States increased . billion in the new foreign stock issues in the United States. fourth quarter, compared with a . billion New issues of foreign bonds placed in the increase in the third (table C). Assets of indus- United States declined to . billion from . trial countries increased . billion as a result billion. The slowdown may have been partly of additions by Western European countries. As- attributable to the rise in U.S. long-term inter- sets of non- developing countries increased est rates that occurred when the U.S. economy . billion, as assets of several Asian coun- showed signs of faster growth. Nonetheless, tries increased even more strongly than in the

Table C.ÐSelected Transactions with Official Agencies [Millions of dollars]

Change: 1992 1993 Change: 1992 1993 p 1993 III- 1992±93 I II III IV I II III r IV p IV

Changes in foreign official assets in the United States, net (decrease −) (table 1, line 49) 40,684 71,225 30,541 21,124 21,008 −7,378 5,931 10,929 17,699 19,237 23,360 4,123 Industrial countries 1 ...... 16,193 38,396 22,203 6,122 13,606 −7,200 3,665 1,678 16,190 10,872 9,656 −1,216 Members of OPEC 2 ...... 5,857 −3,968 −9,825 2,583 −2,113 3,051 2,336 463 −916 −3,244 −271 2,973 Other countries ...... 18,634 36,797 18,163 12,419 9,515 −3,229 −70 8,788 2,425 11,609 13,975 2,366 Changes in U.S. official reserve assets, net (increase −) (table 1, line 34) ...... 3,901 −1,379 −5,280 −1,057 1,464 1,952 1,542 −983 822 −545 −673 −128 Activity under U.S. official reciprocal currency arrangements with foreign monetary authorities: 3 Foreign drawings, or repayments (−), net ...... Drawings ...... 143 470 327 143 ...... 470 ...... Repayments ...... −143 −470 −327 −143 ...... −470 ......

r Revised. withdrew from OPEC in December 1992. p Preliminary. 3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange Stabili- 1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. zation Fund. 2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Ecuador     March   • third quarter, augmented by inflows from Latin narrowed, but still favored borrowing abroad. America. Despite an upturn in both U.S. and foreign rates in mid-quarter, the heavy volume of new is- Liabilities reported by U.S. banks.—U.S. liabilities sues continued to reflect substantial refinancing reported by U.S. banks, excluding U.S. Treas- activity and the replacement of maturing debt. ury securities, increased . billion in the fourth Foreign net purchases of U.S. federally spon- quarter, compared with a . billion increase sored agency bonds surged to a record . in the third. billion from . billion. Rising interest rates, Interbank liabilities increased . billion in the combined with a reduced likelihood that these fourth quarter. In October, unaffiliated banks mortgage-backed bonds would be subject to early in Western Europe placed substantial amounts call provisions in a rising interest rate envi- of time deposits with foreign-owned banks in ronment, encouraged these purchases. Gross the United States to take advantage of larger purchases and sales of agency bonds were  per- short-term interest- rate differentials favoring de- cent higher in the fourth quarter than in the posits in the United States, but these inflows were third. nearly offset later in the quarter by reductions in liabilities to affiliated offices, predominantly in Direct investment.—Net capital inflows for for- Caribbean banking centers. eign direct investment in the United States were Liabilities to other private foreigners reported . billion in the fourth quarter, compared with by U.S. banks increased . billion, as U.S. secu- . billion in the third. Equity capital accounted rities dealers borrowed from Western Europe in for almost all of the step-up in inflows; inter- October to finance repurchase agreements. company debt inflows and reinvested earnings Banks’ custody liabilities increased . billion changed by small amounts. as a result of the placement of negotiable certifi- cates of deposit (’s) in the United States by T Y  foreign banks. U.S. Treasury securities.—Net foreign purchases The U.S. current-account deficit increased to of U.S. Treasury securities were . billion in . billion in  from . billion in . the fourth quarter, compared with . billion Most of the increase was accounted for by a larger in the third. Japanese investors shifted to net merchandise trade deficit; the rest was accounted purchases, and other Asian investors stepped up for by a decrease in the surplus on investment in- their purchases. come. The surplus on services was slightly lower; net unilateral transfers were also slightly lower Other U.S. securities.—Net foreign purchases of (table D). U.S. securities other than U.S. Treasury securi- In the capital account, increases in both U.S. ties reached a record . billion in the fourth assets abroad and foreign assets in the United quarter, more than double third-quarter net pur- States were sharply higher in , boosted by chases of . billion. Net foreign purchases of unprecedented flows in securities. In spite of the U.S. stocks were a record . billion, up from higher gross flows, net recorded capital inflows . billion, and net foreign purchases of U.S. in ,at. billion, were only slightly larger bonds were a record . billion, up from . than in , when they were . billion. billion. The statistical discrepancy—errors and omis- Net foreign purchases of U.S. stocks surged sions in recorded transactions—was an inflow of to a record: favorable reports about strengthen- . billion in , compared with an outflow ing U.S. economic growth, and low inflation and of . billion in . inflationary expectations contributed to a - The following are highlights for the year : point gain in the Dow Jones Industrial average The merchandise trade deficit increased and to large net foreign purchases. The surge in • net purchases was largest from Western Europe sharply, as export growth was constrained and the Caribbean. Gross purchases and sales of by recession in the economies of many key U.S. stocks were  percent higher in the fourth trading partners, and as imports responded quarter than in the third. to the second year of expansion in the U.S. New bond issues sold abroad by U.S. corpo- economy. rations increased to . billion, up from . The services surplus decreased slightly after billion. The long-term interest-rate differential •  consecutive years of growth.  March      •

Table D.ÐSelected Balances on U.S. International Transactions [Millions of dollars, quarters seasonally adjusted]

1993 1991 1992 1993 p I r II r III r IV p

Merchandise trade balance ...... −73,802 −96,138 −132,478 −29,325 −34,398 −35,972 −32,783 Services, net ...... 45,882 56,411 55,679 14,654 14,490 13,855 12,681 Investment income, net ...... 13,020 6,222 66 −112 −27 1,617 −1,411 Direct, net ...... 52,759 48,258 45,978 11,231 11,635 12,541 10,572 Other private, net ...... −6,069 −7,895 −9,018 −2,197 −2,523 −1,755 −2,543 U.S. Government, net ...... −33,670 −34,141 −36,894 −9,146 −9,139 −9,169 −9,440 Unilateral transfers, net ...... 6,575 −32,895 −32,509 −7,592 −7,300 −7,591 −10,026 Current account balance ...... −8,324 −66,400 −109,242 −22,375 −27,235 −28,091 −31,539

r Revised. p Preliminary.

The surplus on investment income fell to the  in September  and with the market • zero after several years of surpluses. intervention and currency realignments toward Net unilateral transfers were slightly lower. yearend, signs persisted that many of the weaker • Outflows for net U.S. purchases of foreign se- European currencies had difficulty in maintain- • curities and inflows for net foreign purchases ing exchange rate relationships to the stronger of U.S. securities, both private and official, German mark and French franc, especially in the reached exceptional levels. face of recessionary tendencies. U.S. banks’ claims on foreigners again fell The dollar depreciated temporarily early in • by a very substantial amount. U.S. banks’ the second quarter, when it appeared that the liabilities reflected only limited inflowstothe U.S. economy would not be able to sustain the United States. Net outflows for U.S. direct investment CHART 2 • abroad were well above those of last year. Net inflows for foreign direct investment in the United States rebounded strongly. U.S. and Foreign Interest Rates The dollar appreciated  percent in the Percent • 10 foreign exchange markets. LONG TERM 9 U.S. dollar in exchange markets 20-30 year U.S. Corporate Aaa Bonds 8 From the fourth quarter of  to the fourth 7 quarter of , the U.S. dollar appreciated  10-year U.S. Treasury Bonds percent on a trade-weighted basis against the 6 currencies of  industrial countries (table B, 5-7 year International Dollar Bonds chart ). The appreciation was against the Eu- 5 11 ropean and Canadian currencies, mainly in the SHORT TERM first and third quarters. The dollar continued to 10 decline against the Japanese yen for much of the Weighted Foreign Average 1 year. 9 The dollar appreciated strongly in the first 8 quarter, boosted by the announcement of an un- expectedly strong fourth-quarter  increase in 7 6 U.S. gross domestic product and a sharp increase 90-day U.S. CD in consumer confidence. In contrast, European 5 economies all showed signs of greater weakness, compounded by the reluctance of key monetary 4

authorities, particularly in Germany, to reduce 3 interest rates as rapidly as market participants 1991 1992 1993 expected. Although strains within the Exchange Rate Mechanism () had eased with the de- parture of the United Kingdom and Italy from     March   • strength it had exhibited in the previous several pating countries much greater latitude to change months and that U.S. monetary authorities might interest rates independently, but most authori- therefore have to permit U.S. interest rates to ties sought to maintain relatively stable exchange drop even further. However, these perceptions rates with the German mark and to permit in- were subsequently outweighed by further signs terest rates to fall along with those in Germany. of recessions and high interest rates in Europe By the end of , the Belgian, Danish, French, (charts  and ). Portuguese, and Spanish currencies were within The dollar appreciated sharply in June and July, or near the old  limits relative to the German reflecting uncertainties about exchange rate and mark. interest rate relationships among major continen- In contrast to its appreciation against the Eu- tal European currencies. As additional signs of ropean currencies, the dollar depreciated against recessions appeared, Belgium, Denmark, France, the Japanese yen through mid-August, when in- and Portugal all raised interest rates and in- tervention by the United States and another tervened heavily to maintain parities with the monetary authority was partly responsible for German mark and to stem heavy speculative cap- reversing its decline. The recession in Japan con- ital flows into marks. Nonetheless, heavy selling tributed to an import slowdown, which led to pressures on these weaker currencies continued, a higher current-account surplus and a stronger and on August , the countries participating in yen. A sharp decline in interest rates and several the  decided to widen the bands around the Government stimulus packages did little to boost (unchanged) central parities to plus or minus the Japanese economy from recession or to slow . percent from . percent. the yen’s appreciation. The U.S. dollar appreciated against the Cana- The dollar generally fluctuated in a narrow dian dollar. Although the Canadian economy range against the continental European curren- completed its second year of expansion, the cies for the remainder of the year, while retaining Canadian dollar was weakened by sharp reduc- its gains of early summer. The dollar’s strength tions in Canadian interest rates over the course partly reflected sustained U.S. economic growth of the year, by uncertainties in October over the and the rapid decline in foreign short-term in- policies of the newly elected Government, and by terest rates while U.S. rates were unchanged. The projections in December of an unexpectedly high wider bands in the  permitted the partici- Federal deficit. Against the currencies of the newly industrial- CHART 3 ized countries in Asia, the U.S. dollar appreciated  percent against the Taiwan dollar and  percent Interest-Rate Differentials against the South Korean won. In contrast, it de- (Plus (+) Indicates Differentials in Favor preciated  percent against the Singapore dollar of U.S. Dollar Assets) Percentage points and less than  percent against the Hong Kong 4 dollar. LONG TERM 1 Japan 2 Germany Current Account 0

-2 Goods and services

2 2 The deficit on goods and services increased SHORT TERM Japan 0 to . billion in  from . billion in . The merchandise trade deficit accounted -2 Germany for nearly all of the increase; there was a small -4 decrease in the surplus on services.

-6 Merchandise trade.—The merchandise trade deficit increased to . billion in  from -8 1991 1992 1993 . billion in  (tables E and F). U.S. ex- 1. Interest rate on U.S. Government bonds (composite over 10 years) less interest rate on Japanese Central Government bonds. Interestate r on U.S. Government bonds port growth again slowed, largely in response to (composite over 10 years) less interestate r on German 7-15 year public sector bonds. Data OECD. the third successive year of slowing growth in 2. Interest rate on 90-day Eurodollar deposits less Japanese CDate. r Interest ater on 90-day Eurodollar deposits less German interbank rate. world trade and output. Appreciation of the dol- Data: Federal Reserve Board. lar (measured on a trade-weighted year-over-year U.S. Department of Commerce, Bureau of Economic Analysis basis) may have had a slight restraining effect on  March      •

exports in . U.S. import growth remained for metals, food, and agricultural raw materi- steady, as the U.S. economy completed its second als. Prices of capital goods other than computers year of expansion. and of automotive products increased slightly. The continued weakness in real demand and Petroleum prices declined  percent. output abroad had a significant impact on U.S. exports in . Output slowed further in Ger- many, in the other continental European coun- Table F.ÐPercent Changes in U.S. Merchandise Trade, tries, and in Japan; only Canada and the United Current and Constant (1987) Dollars Kingdom showed any pickup in growth (chart ). [Balance of payments basis] Growth in the developing countries of Asia and Current dollars Constant (1987) Latin America continued at about the same pace dollars p as in . U.S. real gross domestic product 1991 1992 1993 1991 1992 1993 p increased . percent in , following a .- Exports ...... 7.1 5.6 3.8 7.7 7.1 5.4 Agricultural products ...... −.1 9.7 −1.2 1.0 12.0 −3.3 percent increase in , thus sustaining the rate Nonagricultural products .. 7.9 5.1 4.3 8.5 6.6 6.3 of increase in U.S. imports. Foods, feeds, and beverages ...... 1.9 12.5 .5 3.2 13.7 −.8 Price changes in exports and imports by ma- Industrial supplies and jor end-use categories were not uniform in  materials ...... 4.1 −.2 2.1 6.9 3.1 2.6 Capital goods, except (table G). Domestic prices of exports increased automotive ...... 9.0 5.9 3.7 10.0 8.2 8.1 Automotive vehicles, parts, by small amounts for consumer goods (nonfood), and engines ...... 9.7 17.6 9.8 6.7 15.4 8.9 Consumer goods (nonfood), foods, industrial supplies and materials, capi- except automotive ...... 7.4 9.7 6.2 3.8 7.6 5.4 tal goods excluding computers, and automotive Exports, n.e.c ...... 13.7 −12.9 −.9 12.6 −13.4 −1.7 products. Domestic price increases continued to Imports ...... −1.5 9.3 9.9 .9 11.0 13.0 Petroleum and products .. −16.9 −.3 0 −5.0 3.4 10.5 be held down by low increases in production Nonpetroleum products .... .7 10.4 10.9 1.7 11.9 13.2 costs. When converted into foreign curren- Foods, feeds, and beverages ...... −.7 5.3 .7 −3.8 6.0 −.7 cies, price increases for all major categories were Industrial supplies and higher, as appreciation of the dollar reinforced materials ...... −8.4 5.7 8.4 −1.9 8.1 13.0 Capital goods, except the increases in domestic prices (table H). automotive ...... 4.0 11.1 13.4 10.0 18.5 20.9 Automotive vehicles, parts, Dollar prices of most imports increased by only and engines ...... −3.1 7.1 11.6 −6.9 5.1 9.6 Consumer goods (nonfood), small amounts or declined. Price increases of except automotive ...... 2.6 13.8 9.3 2.0 10.7 9.1 Imports, n.e.c, and U.S. industrial supplies and materials excluding petro- goods returned ...... 1.0 11.9 5.0 −.5 10.3 3.8 leum were held down by weakness in world prices p Preliminary.

Table E.ÐU.S. Merchandise Trade, Current and Constant (1987) Dollars [Balance of payments basis, millions of dollars, quarters seasonally adjusted]

Current dollars Constant (1987) dollars 1993 1993 1991 1992 1993 p 1991 1992 1993 p I r II r III r IV p I r II r III r IV p

Exports ...... 416,937 440,138 456,766 111,480 113,067 111,935 120,284 389,473 416,959 439,591 106,690 107,905 108,255 116,741 Agricultural products ...... 40,133 44,033 43,505 10,828 10,756 10,585 11,336 35,471 39,721 38,424 9,668 9,690 9,310 9,756 Nonagricultural products ...... 376,804 396,105 413,261 100,652 102,311 101,350 108,948 354,002 377,238 401,167 97,022 98,215 98,945 106,985 Foods, feeds, and beverages ...... 35,789 40,275 40,489 10,209 9,885 9,721 10,674 31,407 35,707 35,417 9,107 8,787 8,431 9,092 Industrial supplies and materials ...... 109,996 109,757 112,062 27,288 27,568 27,837 29,369 100,261 103,404 106,094 25,761 25,763 26,278 28,292 Capital goods, except automotive ..... 167,035 176,864 183,386 44,459 45,818 44,639 48,470 164,896 178,453 192,842 46,084 47,372 47,639 51,747 Automotive vehicles, parts, and engines ...... 40,048 47,079 51,690 12,824 12,853 12,103 13,910 36,357 41,940 45,682 11,329 11,354 10,711 12,288 Consumer goods (nonfood), except automotive ...... 45,945 50,381 53,498 12,865 13,049 13,556 14,028 40,427 43,483 45,815 11,027 11,216 11,612 11,960 Exports, n.e.c ...... 18,124 15,782 15,641 3,835 3,894 4,079 3,833 16,125 13,972 13,741 3,382 3,413 3,584 3,362 Imports ...... 490,739 536,276 589,244 140,805 147,465 147,907 153,067 457,325 507,460 573,197 136,013 141,921 144,844 150,419 Petroleum and products ...... 51,751 51,589 51,584 12,750 14,309 12,529 11,996 49,489 51,168 56,558 13,351 14,439 14,157 14,611 Nonpetroleum products ...... 438,988 484,687 537,660 128,055 133,156 135,378 141,071 407,836 456,292 516,639 122,662 127,482 130,687 135,808 Foods, feeds, and beverages ...... 26,467 27,857 28,054 6,845 6,878 7,078 7,253 24,512 25,983 25,811 6,531 6,404 6,417 6,459 Industrial supplies and materials ...... 132,607 140,217 151,956 36,215 38,967 38,318 38,456 121,590 131,445 148,555 34,692 36,972 38,071 38,820 Capital goods, except automotive ..... 120,735 134,194 152,187 35,657 37,687 38,159 40,684 125,155 148,332 179,262 41,339 43,969 45,342 48,612 Automotive vehicles, parts, and engines ...... 85,691 91,779 102,441 25,131 25,538 25,047 26,725 75,841 79,715 87,397 21,777 21,865 21,335 22,420 Consumer goods (nonfood), except automotive ...... 108,025 122,974 134,383 32,242 33,237 34,425 34,479 95,007 105,196 114,741 27,567 28,257 29,472 29,445 Imports, n.e.c, and U.S. goods returned ...... 17,214 19,255 20,223 4,715 5,158 4,880 5,470 15,220 16,789 17,431 4,107 4,454 4,207 4,663

r Revised. p Preliminary.     March   •

Exports.—Nonagricultural exports increased . Excluding aircraft and parts, capital goods in- billion, or  percent, to . billion in , creased . billion, to . billion, about the compared with a -percent increase in . Vol- same -to-percent growth rate that has charac- ume increased  percent, following a -percent terized these exports for the past  years. This has increase. Expansion slowed significantly for all been an unusually steady rate of increase, given major commodity categories except industrial the deterioration in economic conditions abroad. supplies and materials (chart ). One-third of In , the increase was led by semiconductors the export growth was to industrial countries; and telecommunications equipment. Semicon- two-thirds was to the developing countries in ductor shipments were particularly strong to Asia. Asia. Telecommunications equipment and parts increased to almost all major areas, with substan- Capital goods increased . billion, or  per- tial increases to Asia, mainly China, and to Latin cent, to . billion, compared with an increase America. Canada and Mexico continue to rank of  percent. Volume increased  percent in both closely as the largest export markets for these years. The slowdown in  was attributable products. to a drop in exports of civilian aircraft, en- Automotive products increased . billion, or gines, and parts from an especially high level in  percent, to . billion, following an in- ; the drop reflected depressed airline indus- crease of  percent. Volume increased  percent, try conditions in Western Europe, Japan, and Australia. Table G.ÐPercent Changes in U.S. Merchandise Trade Fixed-Weighted Price Indexes [Based on index numbers (1987=100)] CHART 4 1991 1992 1993 p

Major Industrial Countries: Exports ...... 0.3 0.0 0.7 Agricultural products ...... −1.1 −1.3 1.6 Real GDP Nonagricultural products ...... 4 .3 .5 Percent change fromour f quarters earlier Foods, feeds, and beverages ...... −.7 −.3 1.5 Industrial supplies and materials ...... −2.5 −2.6 .8 8 Capital goods, except automotive ...... 9 1.0 .1 Computers, peripherals, and parts ...... −14.6 −12.1 −11.5 Civilian aircraft, engines, and parts ...... 4.4 4.0 2.9 6 Other capital goods ...... 3.5 2.6 1.2 Automotive vehicles, parts, and engines ...... 2.8 1.9 .8 Consumer goods (nonfood), except automotive ...... 3.4 2.6 1.5 4 Exports, n.e.c ...... 1.1 .5 .7 United States Imports ...... −.1 .7 −.1 Petroleum and products ...... −12.0 −4.3 −9.3 2 Nonpetroleum products ...... 1.4 1.3 .9 Foods, feeds, and beverages ...... 4.3 −.4 −.2 0 Industrial supplies and materials, excluding petroleum −1.8 −1.0 .1 Capital goods, except automotive ...... 8 .8 .7 Computers, peripherals, and parts ...... −12.5 −11.9 −9.4 Canada United Kingdom -2 Civilian aircraft, engines, and parts ...... 4.1 4.2 2.8 Other capital goods ...... 2.7 2.2 1.6 Automotive vehicles, parts, and engines ...... 4.1 1.9 1.8 Consumer goods (nonfood), except automotive ...... 1.0 3.1 .9 -4 Imports, n.e.c., and U.S. goods returned ...... 1.4 1.4 1.1

8 p Preliminary. Japan Germany Table H.ÐPercent Changes in Foreign Currency Cost 6 of U.S. Merchandise Exports [Based on index numbers (1987=100)] 4 1991 1992 1993 p

2 Exports ...... −0.5 −0.7 4.8 Italy Agricultural products ...... −1.9 −2.0 5.7 Nonagricultural products ...... −.4 −.4 4.6 0 Foods, feeds, and beverages ...... −1.4 −.9 5.6 France Industrial supplies and materials ...... −3.2 −3.2 4.9 Capital goods, except automotive ...... 1 .3 4.2 -2 Computers, peripherals, and parts ...... −15.3 −12.7 −8.0 Civilian aircraft, engines, and parts ...... 3.6 3.3 7.0 Other capital goods ...... 2.7 1.9 5.3 -4 Automotive vehicles, parts, and engines ...... 2.0 1.2 4.9 1988 1989 1990 1991 1992 1993 Consumer goods (nonfood), except automotive ...... 2.6 1.9 5.6 Exports, n.e.c ...... 3 −.1 4.8

p Preliminary. NOTE.ÐFixed-weighted price indexes multiplied by trade-weighted exchange rate index of the currencies of 22 OECD countries and 4 newly industrialized countries in Asia.  March      •

following an increase of  percent (table I). increases were in textile apparel, footwear, and Automotive parts, which increased  percent, household goods. The step-up in gem diamonds continued to account for most of the increase. reflected unsold imports, which were exported to Parts to Canada increased substantially for the Asian markets or returned to Belgium, India, and second consecutive year. Parts to Mexico contin- Israel. ued to climb. Passenger cars increased  percent, Agricultural exports decreased . billion, or as increases to Canada, Japan, and Mexico more  percent, to . billion, following a -percent than offset decreases to Germany and Taiwan. increase. Volume decreased  percent, follow- Nonagricultural industrial supplies and mate- ing a -percent increase. Corn decreased . rials increased . billion, or  percent, to . billion; corn volume and prices have now de- billion, compared with no increase. Volume in- clined for  consecutive years. Cotton decreased creased  percent for the second consecutive year. . billion, also the fourth year of declines in Nonmonetary gold exports more than accounted volume and price; the past few years have been for the increase in value, rising . billion; there characterized by high production by China, In- was little growth in other categories. Chemicals dia, and Pakistan, resulting in low prices and to Canada, Latin America (mainly Mexico), and weak demand for the U.S. crop. Vegetables, the newly industrialized countries in Asia (’s) fruits, and nuts continued to increase, by . bil- increased by a small amount, as did building ma- lion, to a record, although the  increase was terials to Japan, Canada, and the ’s. Paper the smallest in this category in the last  years. and paper-base products declined substantially, Wheat and soybeans both increased . billion; the first decline since , as a result of declining both increases were much smaller than last year. prices and abundant supplies. Energy products Both corn and wheat shipments to the Newly also declined substantially. Independent States (the former Soviet Union) were restrained by the inability of the States to Consumer goods (nonfood) increased . bil- make commercial payments or to qualify for U.S. lion, or  percent, to . billion, compared with Government financing. a -percent increase. Volume increased  per- cent, compared with an -percent increase. Both Imports.—Nonpetroleum imports increased . durable and nondurable goods increased  per- billion, or  percent, to . billion in , cent, and unmanufactured goods (mostly gem di- compared with an increase of  percent in . amonds) increased  percent. Growth in durable Volume increased  percent, compared with a goods was only about half that of the previous -percent increase. The step-up was the result year; the largest increases were in home entertain- of increases in capital goods, automotive prod- ment equipment and in household and kitchen ucts, and industrial supplies. Consumer goods appliances. Growth in nondurable goods was also and foods slowed (chart ). Imports from in- about half that of the previous year; the largest dustrial countries accounted for  percent of

Table I.ÐU.S. Trade in Selected Automotive Products [Balance of payments basis, millions of dollars]

1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 p

Imports of passenger cars ...... 23,939 30,640 35,987 45,233 47,923 47,053 44,477 46,631 46,309 47,033 52,284 From selected countries: Japan ...... 10,795 12,946 15,760 20,950 21,272 19,874 20,140 20,246 21,375 21,017 21,876 Canada ...... 7,464 10,039 11,090 11,764 10,185 13,256 12,878 13,702 14,048 14,403 18,269 Mexico ...... 13 38 133 425 1,176 1,272 1,174 2,164 2,578 2,592 3,084 Imports of automotive parts ...... 13,097 17,604 19,374 22,417 26,507 30,546 32,381 32,179 30,167 34,094 38,937 From selected countries: Japan ...... 2,537 3,860 4,308 6,020 7,465 9,177 10,936 10,670 10,149 11,184 12,677 Canada ...... 6,359 8,004 8,496 8,641 9,085 9,861 9,693 9,234 8,009 9,019 10,302 Mexico ...... 1,289 1,818 2,416 2,702 3,382 4,279 4,456 4,533 5,018 6,371 7,596 Exports of passenger cars ...... 4,780 5,466 6,711 7,239 7,923 10,022 10,798 10,537 11,691 14,266 14,562 To selected countries: Japan ...... 38 34 24 56 111 348 481 869 661 846 1,131 Canada ...... 4,298 5,020 6,322 6,649 6,610 7,275 6,922 5,890 6,311 6,087 6,435 Mexico ...... 4567101317182167116122 Taiwan ...... 3 5 7 11 119 528 710 637 544 1,316 1,197 Exports of automotive parts ...... 11,510 14,337 15,245 14,482 15,712 19,075 20,737 21,737 22,945 27,262 31,349 To selected countries: Japan ...... 147 180 204 227 274 432 578 762 726 926 1,049 Canada ...... 8,260 10,229 10,749 9,985 10,471 12,560 13,519 13,287 13,344 15,162 17,665 Mexico ...... 803 1,428 1,965 1,849 2,144 2,791 3,269 4,190 5,020 6,391 7,100 p Preliminary.     March   • the increase in , and those from developing Nonpetroleum industrial supplies and materi- countries accounted for  percent. als increased . billion, or  percent, to . billion, following an increase of  percent. Vol- Capital goods increased . billion, or  per- ume increased  percent, following an increase cent, to . billion, following an -percent of  percent. Nonmonetary gold increased . increase. Volume increased  percent, following billion. Building materials, chemicals, and iron a -percent increase. This is the second consec- and steel products increased in response to the utive year of substantial gains in this category, strength in the domestic economy. Building ma- paralleling the expansion in the U.S. economy. terials increased from Canada and Latin America Strong imports of computers, peripherals, and (mainly Mexico and Brazil), partly as a result of parts and of semiconductors accounted for more a rise in housing starts and in the price of lum- than one-half of the increase in ,downfrom ber. Chemicals increased from Canada, Japan, nearly two-thirds in . Nonetheless, imports and Western Europe, partly as a result of strength of computers again increased strongly in . in manufacturing industries. Iron and steel prod- Over two-thirds of the domestic demand is met ucts increased from Canada, Western Europe by imports from the ’s and Japan. Semi- (mainly Germany and Italy), and Latin America. conductors reflected a step-up in purchases from Consumer goods (nonfood) increased . bil- Japan, the ’s, and Malaysia. Partly offsetting lion, or  percent, to . billion, following these increases was a decrease in civilian aircraft, a -percent increase. Volume increased  per- engines, and parts. After reaching a record level cent, following an -percent increase. Last year, in , aircraft and parts from almost all ma- consumer goods had been boosted by excep- jor areas declined; the largest decrease was from tional increases from the developing countries in Western Europe, the top supplier to the United Asia. In , durable goods increased  percent, States. nondurable goods  percent, and unmanufac- tured goods  percent, the latter as a result of CHART 5 an increase in gem diamonds. In durable and nondurable goods, the most significant increases Growth in U.S. Merchandise were in apparel, footwear, household goods and Nonpetroleum Exports and Imports appliances, toys, and recreational equipment. 1987=100 Developing countries in Asia accounted for more 280 EXPORTS than  percent of the increase; however, China, 260 Consumer goods (nonfood), except automotive Indonesia, and Malaysia continued to gain share Capital goods, except automotive Foods, feeds, and beverages at the expense of the ’s. Developing coun- 240 Automotive vehicles, engines, and parts tries in Latin America accounted for another  220 Industrial supplies and percent of the increase. Within unmanufactured materials, excluding petroleum goods, gem diamonds from Belgium, India, and 200 Israel were sharply higher; unsold diamonds were 180 later shipped abroad. Automotive products increased . billion, or 160  percent, to . billion, following an in- 140 crease of  percent. Volume increased  percent, following an increase of  percent. 120 Automotive parts increased  percent as a 100 result of higher domestic production. Parts im- 180 ports from Canada increased  percent, from IMPORTS Mexico  percent, and from Japan  percent. 160 Mexico’s share of parts imports continued to increase; Canada’s share and Japan’s share re- 140 mained about unchanged, and Western Europe’s

120 share declined (table I). Passenger cars increased significantly; a rise 100 in imports from Canada and Mexico accounted p 1987 1988 1989 1990 1991 1992 1993 for more than four-fifths of the increase. Sales p Preliminary U.S. Department of Commerce, Bureau of Economic Analysis of domestic nameplates increased  percent, the highest increase since . For Japanese cars,  March      •

transplant sales exceeded import sales for the first record  percent, as domestic oil production de- time. The market share of domestic nameplates clined to a -year low; the last time that imports increased to  percent, while the Japanese share, accounted for more than half of consumption was including imports and transplants, declined to  in . percent. Balances by area.—The U.S. merchandise trade Petroleum imports were unchanged at . bil- deficit increased to . billion in  from lion; they have been at this level for  consecutive . billion in . years. In , a decrease in price offset an in- crease in volume. The average price per barrel The increase mainly reflected a shift to a deficit fell for the third consecutive year to ., the of . billion with Western Europe from a sur- lowest annual average since . Prices declined plus of . billion; this shift resulted from weaker throughout the year. Volume increased  per- U.S. exports of capital goods in combination with cent, as the average number of barrels imported stronger imports of industrial supplies and con- daily increased from . million to . million, sumer goods. An increase in the deficit with the highest level since ; the increase reflected Japan to . billion from . billion was at- rising U.S. demand and falling domestic petro- tributable to higher imports of capital goods; leum production. In , domestic production, exports failed to grow (table J and chart ). which had been falling since , reached its low- The surplus with Latin America decreased to est level since . The volume of imports from . billion from . billion, as exports, partic-  increased  percent, while the share of im- ularly of capital goods and industrial supplies to ports from  declined from  percent to  percent, the lowest level since ; the share had CHART 7 been  percent in . The volume of imports from Venezuela increased  percent to a record Growth in U.S. Merchandise Exports level. The volume of imports from Saudi Arabia and Imports by Selected Areas declined  percent, the second consecutive yearly and Countries decline (chart ). 1987=100 U.S. consumption of petroleum and products 300 increased from . million barrels per day to EXPORTS 280 Mexico . million barrels per day, the highest level Latin America Newly Industrialized Countries since . The rise in consumption reflected the 260 Japan increased level of U.S. economic activity. Imports Western Europe Canada as a percentage of consumption increased to a 240 220

CHART 6 200 U.S. Petroleum Imports, 180 Total and From Selected Countries 160 Millions of barrels per day Millions of barrels per day 9 3 140 Total (left scale) 120 8 2.5 100 Saudi Arabia Nigeria 7 2 200 Ven ezu el a IMPORTS Mexico (right scale) 180 6 1.5

160 5 1 140

4 0.5 120

1987 1988 1989 1990 1991 1992

100 p 3 0 1987 1988 1989 1990 1991 1992 1993 1988 1989 1990 1991 1992 1993p p Preliminary p Preliminary U.S. Department of Commerce, Bureau of Economic Analysis U.S. Department of Commerce, Bureau of Economic Analysis     March   •

Mexico, slowed sharply, while imports of capi- billion; travel, passenger fares, and other private tal goods and automotive products, largely from services were all higher. Mexico, increased. Foreign visitors spent . billion for travel in The deficit with the developing countries in the United States in ,uppercent but down Asia increased to . billion from . billion, substantially from the -percent increase of . as an increase in exports of capital goods was ex- Travel receipts from overseas were . billion, ceeded by an increase in imports of capital goods up  percent, following a -percent increase. and consumer goods. Recessions abroad and appreciation of the dollar against most currencies slowed foreign travel to Services.—The surplus on services was slightly the United States. The slowdown was greatest for lower at . billion in , compared with . Western Europe, but was also sizable for Japan. billion in .In, the surplus failed to grow Receipts from Canada decreased to . billion, for the first time since  (table K). Service re- or  percent, following a decrease of  percent. ceipts were . billion in , compared with Depreciation of the Canadian dollar has had a . billion in ; travel and other private particularly large impact on automotive travelers, services accounted for the increase. Service pay- which were down  percent this year and down  ments were . billion, compared with . percent in . Receipts from Mexico decreased

Table J.ÐU.S. Merchandise Trade by Major End-Use Category for Selected Areas and Countries [Balance of payments basis, millions of dollars]

Canada Western Europe United Kingdom Germany Japan 1991 1992 1993 p 1991 1992 1993 p 1991 1992 1993 p 1991 1992 1993 p 1991 1992 1993 p

Exports ...... 85,915 91,146 100,466 116,813 114,454 111,327 21,516 22,398 25,823 20,763 20,349 18,305 47,212 46,874 46,883 Agricultural products ...... 5,290 5,585 5,953 7,797 8,415 7,841 839 927 957 1,084 1,188 1,097 7,776 8,495 8,769 Nonagricultural products ...... 80,625 85,561 94,513 109,016 106,039 103,486 20,677 21,471 24,866 19,679 19,161 17,208 39,436 38,379 38,114 Foods, feeds, and beverages ...... 5,210 5,470 5,888 6,084 6,743 6,548 756 836 850 743 792 858 8,619 9,693 9,806 Industrial supplies and materials ...... 19,155 20,116 22,058 29,045 28,350 29,639 4,687 5,196 7,675 3,790 3,960 3,513 14,857 13,457 13,262 Capital goods, except automotive ...... 26,122 27,847 30,104 57,572 55,047 51,375 12,040 12,297 12,941 11,626 10,892 9,524 15,140 15,072 14,553 Automotive vehicles, parts, and engines ...... 22,499 23,848 27,367 4,304 5,085 4,637 510 597 675 1,559 1,920 1,649 1,485 1,826 2,218 Consumer goods (nonfood), except automotive 8,758 9,779 10,763 14,919 15,292 15,354 2,462 2,701 2,853 2,177 2,268 2,360 6,143 5,867 6,295 Exports, n.e.c ...... 4,171 4,086 4,286 4,889 3,937 3,774 1,061 771 829 868 517 401 968 959 749 Imports ...... 93,022 100,871 113,023 101,885 111,287 121,008 18,259 19,934 21,509 26,025 28,725 28,528 92,252 97,387 107,255 Petroleum and products ...... 7,469 7,230 7,832 3,843 4,660 5,045 1,423 1,807 2,483 71 164 176 33 60 43 Nonpetroleum products ...... 85,553 93,641 105,191 98,042 106,627 115,963 16,836 18,127 19,026 25,954 28,561 28,352 92,219 97,327 107,212 Foods, feeds, and beverages ...... 4,561 5,166 5,613 5,824 6,178 6,021 761 821 846 547 612 554 336 349 365 Industrial supplies and materials ...... 35,310 38,231 42,443 24,663 27,388 33,634 4,434 5,237 5,927 5,128 5,509 5,834 8,477 9,325 9,344 Capital goods, except automotive ...... 13,903 14,002 14,502 34,261 37,044 38,635 7,126 7,939 8,038 10,021 10,587 10,602 36,031 39,248 45,899 Automotive vehicles, parts, and engines ...... 28,782 31,697 37,314 11,210 12,457 12,919 1,072 1,025 1,447 6,599 7,810 7,421 33,579 33,857 36,092 Consumer goods (nonfood), except automotive 3,833 4,630 5,845 20,856 22,720 24,183 3,458 3,597 3,928 2,725 3,079 2,831 12,477 13,035 13,736 Imports, n.e.c, and U.S. goods returned ...... 6,633 7,145 7,306 5,071 5,500 5,616 1,408 1,315 1,323 1,005 1,128 1,286 1,352 1,573 1,819 Balance ...... −7,107 −9,725 −12,557 14,928 3,167 −9,681 3,257 2,464 4,314 −5,262 −8,376 −10,223 −45,040 −50,513 −60,372

Latin America Mexico Asia, excluding Japan Hong Kong, Republic of China Korea, Singapore, Taiwan 1991 1992 1993 p p p p 1991 1992 1993 1991 1992 1993 1991 1992 1993 p 1991 1992 1993

Exports ...... 57,048 69,091 71,501 33,137 40,494 41,531 81,216 88,229 96,151 44,385 46,881 50,449 6,261 7,399 8,739 Agricultural products ...... 4,744 5,773 5,862 3,020 3,815 3,647 8,552 9,203 9,000 4,978 5,244 5,076 724 545 378 Nonagricultural products ...... 52,304 63,318 65,639 30,117 36,679 37,884 72,664 79,026 87,151 39,407 41,637 45,373 5,537 6,854 8,361 Foods, feeds, and beverages ...... 4,100 5,069 5,011 2,586 3,329 3,119 6,257 7,076 7,437 3,587 3,884 3,910 401 358 382 Industrial supplies and materials ...... 16,489 18,635 19,071 8,933 10,781 10,896 24,202 23,513 22,381 14,818 14,397 14,115 2,880 2,463 1,918 Capital goods, except automotive ...... 21,253 25,464 26,196 11,294 13,587 13,754 36,168 41,745 49,626 19,314 21,403 24,786 2,780 4,109 5,371 Automotive vehicles, parts, and engines ...... 6,666 9,123 9,665 5,372 6,727 7,341 4,188 6,092 6,442 1,411 2,537 2,608 57 268 770 Consumer goods (nonfood), except automotive . 6,161 8,256 9,015 3,428 4,410 4,776 6,625 7,253 7,774 3,524 3,768 4,095 96 143 200 Exports, n.e.c ...... 2,379 2,544 2,543 1,524 1,660 1,645 3,776 2,550 2,491 1,731 892 935 47 58 98 Imports ...... 57,873 63,642 69,429 31,496 35,609 40,434 120,184 136,925 150,294 59,235 62,342 64,541 19,003 25,727 31,549 Petroleum and products ...... 14,234 14,253 14,455 4,678 4,749 4,905 13,945 12,765 11,394 145 247 316 601 512 243 Nonpetroleum products ...... 43,639 49,389 54,974 26,818 30,860 35,529 106,239 124,160 138,900 59,090 62,095 64,225 18,402 25,215 31,306 Foods, feeds, and beverages ...... 8,483 8,456 8,607 2,801 2,665 3,038 4,872 5,472 5,243 732 704 684 489 674 606 Industrial supplies and materials ...... 22,067 22,680 23,422 7,749 8,035 8,431 24,023 24,453 23,851 5,565 6,012 6,065 1,986 2,339 2,450 Capital goods, except automotive ...... 7,160 8,070 9,021 6,124 6,920 7,977 28,513 34,848 42,932 20,656 24,042 28,381 1,519 2,292 3,369 Automotive vehicles, parts, and engines ...... 8,701 10,290 12,279 7,871 9,518 11,375 3,035 3,144 3,507 2,490 2,341 2,440 132 221 289 Consumer goods (nonfood), except automotive . 9,473 11,707 13,539 5,345 6,718 7,567 58,049 66,980 72,505 28,738 28,126 25,672 14,700 19,799 24,540 Imports, n.e.c, and U.S. goods returned ...... 1,989 2,439 2,561 1,606 1,753 2,046 1,692 2,028 2,256 1,054 1,117 1,299 177 402 295 Balance ...... −825 5,449 2,072 1,641 4,885 1,097 −38,968 −48,696 −54,143 −14,850 −15,461 −14,092 −12,742 −18,328 −22,810

p Preliminary.  March      •

 percent to . billion, as expenditures in the Passenger fare payments from U.S. residents trav- border area decreased sharply. eling on foreign transocean carriers increased  U.S. travel payments increased to . billion, percent to . billion, down from a -percent up  percent, following a -percent increase. increase. Travel expenditures overseas increased  percent Other transportation receipts were . billion, to . billion, down from a - percent in- up . billion. Increases in air port expendi- crease. The total number of overseas travelers ture receipts and in air freight receipts led the increased about  percent each year; the increase increase; ocean port receipts and ocean freight in travelers to Western Europe, at  percent, receipts were unchanged. was half that in , but the number of travel- Port expenditure receipts increased . billion, ers increased slightly to Japan and substantially mostly as a result of higher air port expenditures to the Caribbean and Latin America. However, by foreign airlines in U.S. ports. Ocean port given the large share of travelers accounted for expenditures were unchanged; higher import by Western Europe, the decline in travelers to tonnage carried by foreign flag vessels, reflect- that area held down the rise in total overseas pay- ing expansion in the U.S. economy, was offset by ments. Payments to Canada increased  percent lower export tonnage, reflecting recession abroad. to . billion; although the amount of same-day Freight receipts increased . billion as a automotive travel was virtually unchanged, the result of a -percent increase in air export ton- average expenditure per traveler increased. Pay- nage. Ocean freight receipts were unchanged; ments to Mexico increased less than  percent to recessions in Europe and Japan resulted in a - . billion. percent decline in revenues from Europe and Passenger fare receipts from foreign visitors in no growth in revenues from Japan. Exclud- traveling on U.S.-flag carriers increased  percent ing Europe and Japan, ocean freight revenues to . billion, down from a -percent increase. fared better, increasing nearly  percent from the previous year. Other transportation payments were . bil- Table K.ÐServices lion, up . billion. Freight payments accounted [Millions of dollars, quarters seasonally adjusted] for nearly all of the jump. Freight payments in- 1993 creased . billion, following  years of decline. 1991 1992 1993 p Ir r II r III r IV p The increase reflected growing imports as the

Exports ...... 164,260 179,710 186,792 46,476 46,810 46,856 46,654 U.S. economy completed the second consecutive year of expansion. Travel ...... 48,384 53,861 56,501 13,898 14,186 14,285 14,132 Passenger fares ...... 15,854 17,353 17,849 4,445 4,530 4,475 4,399 Port expenditure payments were virtually un- Other transportation ...... 22,326 22,773 23,508 5,856 5,894 5,760 5,999 Royalties and license fees ...... 18,479 20,238 20,414 4,898 5,223 5,174 5,119 changed, as weak export volumes in ocean trade, Other private services ...... 47,982 53,601 56,434 14,157 13,737 14,148 14,394 Affiliated services ...... 15,363 17,619 16,260 4,439 3,986 3,899 3,934 due to recessions in Europe and Japan, offset an Unaffiliated services ...... 32,619 35,982 40,174 9,718 9,750 10,248 10,459 Education ...... 5,683 6,140 6,620 1,601 1,588 1,752 1,679 increase in import volumes. Declines in jet fuel Financial ...... 4,976 5,447 6,522 1,521 1,514 1,657 1,831 prices also held down payments. Insurance ...... 1,028 1,069 1,220 292 302 310 315 Telecommunications ...... 3,316 3,306 3,570 867 889 903 910 Royalties and license fees receipts increased to Business, professional, and technical ...... 11,261 12,678 14,434 3,490 3,552 3,654 3,738 . billion from . billion. These receipts Other ...... 6,355 7,342 7,808 1,946 1,905 1,972 1,985 are heavily concentrated in Europe, Canada, and Transfers under U.S. military agency sales contracts 1 ...... 10,545 11,015 11,259 3,058 2,950 2,830 2,422 Japan and in the manufacturing and wholesale U.S. Government receipts ...... 690 869 827 165 290 184 189 affiliates located there. Imports ...... 118,378 123,299 131,114 31,822 32,320 33,001 33,973 Royalties and license fees payments decreased Travel ...... 35,322 39,872 42,329 10,446 10,263 10,594 11,026 to . billion from . billion. Passenger fares ...... 10,012 10,943 11,256 2,760 2,743 2,790 2,963 Other transportation ...... 23,297 23,454 24,511 5,930 6,184 6,144 6,254 Other private services receipts were . bil- Royalties and license fees ...... 4,203 4,986 4,748 1,088 1,201 1,232 1,227 Other private services ...... 27,034 27,987 33,595 7,801 8,183 8,649 8,963 lion, up from . billion. Among these Affiliated services ...... 10,166 10,600 11,009 2,662 2,647 2,909 2,790 Unaffiliated services ...... 16,868 17,387 22,586 5,139 5,536 5,741 6,173 receipts, business, professional, and technical Education ...... 737 796 827 199 206 213 209 services showed the largest increase. Financial Financial ...... 2,668 3,461 5,560 1,048 1,286 1,460 1,766 Insurance ...... 2,450 1,372 2,751 682 687 690 692 services also increased, reflecting a step-up in Telecommunications ...... 6,639 6,520 7,320 1,755 1,820 1,862 1,883 Business, professional, and commissions received on securities transactions. technical ...... 2,801 3,594 4,389 1,028 1,100 1,094 1,167 Other ...... 1,574 1,645 1,740 428 436 422 456 Other private services payments were . bil- Direct defense expenditures 2 ...... 16,396 13,766 12,286 3,203 3,176 2,958 2,950 lion, up from . billion. Financial services U.S. Government payments ...... 2,114 2,290 2,388 594 571 634 590 showed the largest increase, reflecting a step-up r Revised p Preliminary. in commissions paid on securities transactions. 1. Consists of goods and services transferred under U.S. military agency sales contracts which cannot be separately identified. Business, professional, and technical services also 2. Consists of goods and services purchased by U.S. defense agencies which cannot be separately identified.     March   • increased strongly. A step-up in net insurance decreased slightly, and payments were sharply payments represented a return to more normal higher. conditions, following unusually large receipts in  (which held down net outflows) to cover Direct investment income.—Income receipts on losses caused by Hurricanes Andrew and Iniki. U.S. direct investment abroad increased to . Transfers under U.S. military agency sales con- billion in  from . billion in  (table L). tracts were . billion, compared with . Earnings in Western Europe were significantly billion in . An increase in transfers to West- higher as a result of a step-up in earnings of ern Europe under the Polaris/Trident program finance and banking affiliates in the United King- more than offset drops to Saudi Arabia, Egypt, dom. However, one-half of the step-up was offset Israel, and Kuwait, reflecting the end of the F- by a decline in earnings in other European coun- and F- programs. The growth in transfers has tries. Earnings in Latin America were boosted slowed sharply over the past several years. by the liberalization of Brazilian trade and tax Direct defense expenditures were . billion policies; regulations were eased to permit the im- in , down from . billion in . Expend- port of digital technology for both computer and itures for contractual services, personnel, and pay telecommunications applications, and sales taxes to foreign nationals were all down sharply as on automobiles were reduced. Earnings were also bases were closed in Europe, mainly in Germany, higher in Canada. and troops returned to the United States. (This Although earnings were up  percent in , drawdown did not include troops in Japan and they have remained in the - billion range South Korea). The decline in expenditures in for  years. In –, European earnings were Western Europe over the past several years has well below their  peak, as growth in indus- significantly lagged the decline in troop strength trial economies slowed markedly. During this there because of large base-closing costs, sever- period, worldwide earnings were buoyed by earn- ance pay settlements, and transportation costs ings growth in Latin America (primarily in Brazil for the redeployment of military staff. The and Mexico) and in Asia and the Pacific (pri- drawdown is expected to continue through . marily in Hong Kong and Singapore). The most rapid growth in earnings in recent years occurred Investment income in –, caused by the synchronous expansion in economies worldwide and depreciation of the Net receipts of investment income were zero in dollar (chart ). , compared with a surplus of . billion Income payments on foreign direct investment in  (table D). The peak surplus in recent in the United States were . billion, compared years was . billion in .In, receipts with . billion. A shift from negative (losses)

Table L.ÐDirect Investment Income and Capital [Millions of dollars, quarters seasonally adjusted]

1993 (Credits +; debits −) 1991 1992 1993 p I r II r III r IV p

Income Income receipts on U.S. direct investment abroad ...... 49,766 49,888 55,815 12,696 14,338 14,546 14,236 Distributed earnings ...... 35,167 33,294 25,778 5,704 7,947 6,876 5,251 Reinvested earnings ...... 13,189 15,289 28,589 6,628 6,049 7,294 8,618 Interest ...... 1,411 1,305 1,448 364 342 376 367 Income payments on foreign direct investment in the United States ...... 2,993 −1,630 −9,837 −1,465 −2,704 −2,005 −3,664 Distributed earnings ...... −7,931 −6,920 −8,815 −2,321 −2,766 −2,101 −1,627 Reinvested earnings ...... 19,921 12,583 5,592 2,613 1,505 1,780 −306 Interest ...... −8,997 −7,294 −6,613 −1,757 −1,443 −1,683 −1,731 Capital U.S. direct investment abroad (increase/capital outflow (−)) ...... −29,113 −34,791 −50,244 −8,659 −11,906 −8,349 −21,330 Equity capital ...... −17,281 −8,007 −12,332 −2,239 −4,928 −3,347 −1,818 Reinvested earnings ...... −13,189 −15,289 −28,589 −6,628 −6,049 −7,294 −8,618 Intercompany debt ...... 1,357 −11,495 −9,323 208 −929 2,292 −10,894 Foreign direct investment in the United States (increase/capital inflow (+)) ...... 23,975 2,378 31,519 8,758 10,456 2,659 9,646 Equity capital ...... 41,932 22,467 21,207 3,740 4,282 3,850 9,335 Reinvested earnings ...... −19,921 −12,583 −5,592 −2,613 −1,505 −1,780 306 Intercompany debt ...... 1,965 −7,506 15,905 7,631 7,680 589 5

r Revised. p Preliminary.  March      •

to positive (profits) operating earnings reflected lower, as were earnings on holdings of foreign the expansion of the U.S. economy. currencies (table N). Payments of income on other private invest- Portfolio investment income.—Receipts of income ment decreased to . billion from . billion. on other private investment decreased to . The decline was attributable to lower payments of billion from . billion (table M). The decline interest on bank and nonbank liabilities, reflect- was attributable to lower receipts on bank and ing reduced deposit flows to the United States nonbank claims, reflecting reduced U.S. bank and and declining interest rates. Payments of interest nonbank lending activity and declining interest on bonds and stocks were higher, reflecting large rates. Interest receipts on bonds and stocks in- foreign acquisitions of U.S. securities. creased sharply as a result of the large step-up in Payments of income on U.S. Government li- U.S. acquisitions of foreign securities. abilities were slightly higher at . billion, as declining interest rates about offset higher Receipts of income on U.S. Government assets balances. decreased to . billion from . billion; re- ceipts from debt reschedulings were substantially Unilateral transfers

Table M. Other Private Income Net unilateral transfers were . billion in , [Billions of dollars] compared with . billion in .

1991 1992 1993 p U.S. Government grants were somewhat lower at . billion, reflecting both a drop in grants Receipts ...... 69.5 53.7 49.5 financing military purchases and the end of cash Dividends ...... 4.6 5.3 6.0 Interest on bonds ...... 13.6 14.9 16.9 inflows from coalition partners in Operation Interest on bank claims ...... 37.2 24.1 19.1 Interest on other claims 1 ...... 14.1 9.4 7.5 Desert Storm. Grants for debt forgiveness were Payments ...... 75.6 61.6 58.5 low, as they had been in , and were directed to Latin American countries (table N). Dividends ...... 8.5 8.4 8.7 Interest on bonds ...... 21.4 23.0 24.4 Private remittances and other transfers were Interest on bank liabilities ...... 38.4 25.7 21.4 Interest on other liabilities 1 ...... 7.3 4.5 4.0 . billion, down from . billion, as p Preliminary. institutional remittances were slightly lower. 1. Primarily income of business concerns other than banks. NOTE.ÐExcludes direct investment income receipts and payments. Capital Account CHART 8 Net recorded capital inflows—that is, net changes Earnings on U.S. Direct Investment Abroad, 1982–1993 in U.S. assets abroad less net changes in foreign Billion $ assets in the United States—increased to . bil- 60 lion in  from . billion in . Increases Western Europe Latin America and Other Western Hemisphere in both U.S. assets abroad and foreign assets in Asia and Pacific 50 the United States were sharply higher in , To t al boosted by unprecedented flows in securities.

40 U.S. assets abroad

30 U.S. assets abroad increased . billion in , compared with an increase of . billion in .

20 The step-up was due to large increases in net U.S. purchases of foreign securities and in direct investment outflows. These step-ups were partly 10 offset by continued, substantial reductions in U.S. bank claims. 0 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 U.S. official reserve assets.—U.S. official reserve Note.—To be consistent with earnings by area, total earnings are shown in this chart without the current-cost assets increased . billion in , following a adjustment and after deduction of withholdinges, tax the only basis on which area data arevailable a . decrease of . billion in  (table C). In , U.S. Department of Commerce, Bureau of Economic Analysis foreign currency holdings increased by only a small amount.     March   •

U.S. Government assets other than official reserve a large volume of refinancing in the medium- assets.—U.S. Government credits and other long- and long-term securities markets, which attracted term assets increased . billion in ,down funds away from the banking sector to the Euro from a . billion increase in , as fewer medium-term note facilities and other Eurobond credits were rescheduled. Disbursements under sectors. country loan programs also were lower, but were Interbank claims decreased . billion, com- augmented by . billion in new credits to the pared with a . billion decrease. The decrease Government of the Russian Federation, that rep- in  was more than accounted for by the with- resented the consolidation and rescheduling of drawal of Japanese banks; however, claims on certain debts of the former Soviet Union owed other industrial countries also decreased. Bor- to the U.S. Government (table N). rowing to meet yearend requirements, which U.S. Government short-term assets reflected sometimes can be large, was only moderate in the acquisition of outstanding claims on the . The primary offset to these declines was an former Soviet Union held by U.S. banks. increase in U.S. securities firms’ lending to mu- tual funds in the Caribbean and Western Europe Claims reported by banks.—U.S. claims on for- through resale agreements. eigners reported by U.S. banks decreased . Banks’ domestic customers’ claims decreased billion in , compared with a decrease of . . billion, compared with an increase of . billion in  (tables O and P). billion. Dollar deposits decreased . billion; ne- The primary reason for the diminished de- gotiable and transferable instruments decreased mand for U.S. bank credit was the further scaling . billion reflecting large sales of Eurodollar back of Japanese banks’ international operations certificates of deposit; and foreign commercial in  in response to the economic recession in paper outstanding in the United States decreased Japan, as well as to the residual effects of declin- . billion, partly the result of a shift in programs ing securities markets and asset quality problems to U.S. subsidiaries (where they would be classi- stemming from poor real estate loans. Recession fied as direct investment) or their replacement by in most other industrial countries also lowered new Euro medium-term note programs. demand for U.S. bank credit in , particularly in the interbank market. Finally, the shift away Foreign securities.—Net U.S. purchases of foreign from traditional bank intermediation into secu- securities reached an unprecedented . billion rities accelerated significantly in , prompted in , more than double the heavy  pur- by an exceptionally sharp drop in U.S. medium- chases of . billion. Net purchases of foreign and long-term interest rates to their lowest levels stocks reached . billion, following purchases in  years. These low interest rates encouraged of . billion, and net purchases of foreign

Table N.ÐSelected U.S. Government Transactions [Millions of dollars]

1993 1991 1992 1993 p I II III r IV p

U.S. Government grants ...... 24,073 −14,688 −14,438 −3,242 −2,730 −3,029 −5,437 Disbursed ...... −18,467 −15,985 −14,438 −3,242 −2,730 −3,029 −5,437 For debt forgiveness ...... −5,130 −57 −667 −611 ...... −56 ...... Other disbursements ...... −13,338 −15,928 −13,771 −2,631 −2,730 −2,973 −5,437 Received ...... 42,541 1,297 (*) (*) ...... For Defense Cooperation Account ...... 42,539 1,286 ...... Other Receipts ...... 1 11 (*) (*) ...... U.S. Government credits and other long-term assets ...... −12,829 −7,140 −5,642 −940 −727 −1,536 −2,438 For debt rescheduling ...... −9,162 −3,669 −1,372 −55 −90 −185 −1,041 Other disbursements ...... −3,667 −3,471 −4,270 −885 −637 −1,351 −1,398 Repayments of U.S. Government credits and other long-term assets ...... 16,736 5,596 5,891 1,807 859 1,924 1,301 From debt rescheduling ...... 7,819 1,973 204 38 38 122 5 From debt forgiveness ...... 5,009 57 667 611 ...... 56 ...... Other repayments ...... 3,907 3,567 5,020 1,157 821 1,746 1,296 U.S. Government receipts of income ...... 8,019 7,038 4,997 1,390 1,090 1,427 1,090 From debt rescheduling ...... 1,139 980 152 10 29 50 63 From debt forgiveness ...... 121 ...... Other receipts ...... 6,760 6,058 4,845 1,380 1,061 1,377 1,027 U.S. Government payments of income ...... −41,689 −41,179 −41,891 −10,410 −10,305 −10,586 −10,590

* Less than $500,000 (±). r Revised. p Preliminary.  March      •

bonds were . billion, compared with . outperformed the U.S. market. Falling bond rates billion (table O and chart ). induced record foreign borrowing in the U.S. U.S. institutional investors, primarily pensions market, as U.S. bond rates remained lower than and mutual funds, accelerated their acquisitions most comparable foreign rates. of foreign securities—their total purchases as well Net U.S. purchases of foreign stocks more than as the percentage of total portfolios allocated to doubled to a record . billion in . Stock foreign securities. Pension funds invested ap- prices abroad, particularly in Europe and the proximately  billion, or  percent, of their emerging markets of Latin America and the Pa- assets abroad in ,upfrom billion, or  cific Rim, rose on average  percent during the percent, in . Sales of shares by U.S. mutual year, compared with only a -percent gain in the funds investing abroad increased to  billion United States. U.S. investment was heaviest in in  from  billion in . These investors Europe (. billion in net purchases), followed aggressively sought higher yielding fixed-income by the Asian emerging markets (. billion) and securities abroad, and foreign stock markets far Latin American markets (. billion). Investment in European stocks was dominated . Pensions and Investments , no.  (January , ). by . billion in net purchases from the United . Trends in Mutual Fund Activity (Washington, DC: Investment Company Institute, Research Department). Kingdom, as U.S. investors responded strongly to

Table O.ÐPrivate Capital Flows, Net [Billions of dollars]

1993 Claims (increase/capital outflow (−)); liabilities (increase/ capital inflow (+)) 1991 1992 1993 p I r II r III r IV p

Private capital flows, net ...... −2.8 35.6 6.6 2.7 −5.4 9.9 5.7 Bank-reported capital, net 1 ...... −8.1 43.5 46.8 9.2 3.9 33.4 0.2 U.S. claims ...... 3.3 24.9 34.6 28.1 5.3 8.5 −7.3 U.S. liabilities 1 ...... −11.4 18.6 12.2 −18.9 −1.4 24.9 7.5 Securities, net ...... 9.2 19.2 −21.5 −3.9 −9.7 −25.0 17.2 Net U.S. purchases of foreign securities ...... −44.7 −48.0 −125.4 −26.9 −24.1 −45.8 −28.6 Stocks ...... −30.6 −30.7 −64.9 −8.0 −13.5 −24.7 −18.8 Bonds ...... −14.1 −17.3 −60.5 −18.9 −10.6 −21.1 −9.8 Net foreign purchases of U.S. securities ...... 53.9 67.2 103.9 23.0 14.4 20.8 45.8 U.S. Treasury securities ...... 18.8 36.9 24.3 13.6 −0.6 3.5 7.9 Other than U.S. Treasury securities ...... 35.1 30.3 79.6 9.4 15.0 17.3 37.9 Stocks ...... 9.4 −4.4 18.2 3.6 0.2 2.5 11.8 Bonds ...... 25.7 34.7 61.4 5.8 14.8 14.8 26.1 Direct investment, net ...... −5.1 −32.4 −18.7 0.1 −1.4 −5.6 −11.7 U.S. direct investment abroad ...... −29.1 −34.8 −50.2 −8.7 −11.9 −8.3 −21.3 Foreign direct investment in the United States ...... 24.0 2.4 31.5 8.8 10.5 2.7 9.6 Nonbank-reported capital, net ...... 1.2 5.3 n.a. −2.7 1.8 7.1 n.a. U.S. claims ...... 1.9 4.6 n.a. −4.8 0.4 3.0 n.a. U.S. liabilities ...... −0.7 0.7 n.a. 2.1 1.4 4.1 n.a.

n.a. Not available. r Revised. p Preliminary. 1. Liabilities exclude U.S. Treasury securities. Table P.ÐU.S. Bank-Reported Claims and Liabilities by Type [Billiions of dollars]

1993 1991 1992 1993 p I II III r IV p

Claims on foreigners reported by U.S. banks (increase/capital outflow (−)) ...... 3.3 24.9 34.6 28.1 5.3 8.5 −7.3 Banks' claims for own accounts, payable in dollars: Own foreign offices ...... −14.5 19.0 14.8 7.0 −4.5 11.9 .4 Unaffiliated banks ...... 6 6.7 11.4 12.7 3.1 −2.1 −2.2 Public borrowers and other foreigners ...... 10.5 −7.2 −12.1 ...... −3.9 −4.4 −3.7 Banks' claims for domestic customers' accounts, payable in dollars ...... 10.1 −3.0 16.6 7.9 2.3 6.6 −.1 Claims payable in foreign currencies ...... −3.5 9.4 3.8 .5 8.3 −3.4 −1.6 Liabilities to foreigners reported by U.S. banks (excluding U.S.Treasury securities)(increase/capital inflow (+)) 1 ...... −11.4 18.6 12.2 −18.9 −1.4 24.9 7.5 Banks' liabilities for own accounts, payable in dollars: Own foreign offices ...... 7.4 1.1 −18.2 −6.3 −8.3 5.8 −9.3 Unaffiliated banks ...... −6.6 14.9 15.6 −17.1 14.8 5.0 12.9 Other private foreigners and international financial institutions ...... −2.2 −1.8 2.3 −4.6 .3 5.5 1.1 Banks' custody liabilities, payable in dollars ...... −14.7 6.4 5.9 −1.0 −1.9 2.3 6.4 Liabilities payable in foreign currencies ...... 4.7 −1.9 6.6 10.2 −6.3 6.3 −3.6

r Revised. p Preliminary.     March   •

London stock prices, which rose  percent, to billion, of which . billion was in new issues or a more stable sterling-dollar relationship, and to stocks issued in privatizations. expansion in the British economy. Net U.S. purchases of foreign bonds soared to . billion in  from . billion in . Investment in Asian emerging markets was New foreign bond issues in the United States . billion. These markets experienced explo- increased to a record . billion, up from . sive price appreciation. In U.S. dollar terms, billion in . Issuance was heavy throughout stock prices in Hong Kong soared  percent, the year, as U.S. long-term interest rates declined and in Singapore  percent. Gains in other mar- sharply and more rapidly than most foreign rates. kets were nearly as spectacular. U.S. investors, Issuance by foreign governments accelerated, but primarily through country-specific mutual funds, the pickup by foreign corporations was even invested . billion in Hong Kong, . billion larger, as both sought to raise funds at the lowest in South Korea, . billion in Singapore, . bil- U.S. rates in  years. The Canadian Govern- lion in Malaysia, and smaller amounts—less than ment stepped up its borrowing, as U.S. rates were . billion total—in China, Taiwan, India, In-  basis points below Canadian rates. Canadian, donesia, the Philippines, and Thailand. (Some of Dutch, and British corporations accounted for the price gains in  have already eroded in the well over half of the step-up in corporate borrow- early months of .) ing, as U.S. rates averaged about  basis points below comparable corporate rates in those coun- Net purchases from Latin America increased tries. From all sources, there were  new bond strongly to . billion and included . billion issues placed in the United States, nearly double in new stock issues. Much of the increase was the  issues placed in . attributable to Mexico (where the stock market Net U.S. purchases of outstanding foreign rose  percent), which had net purchases of . bonds were . billion, compared with net sales of . billion; the shift was more than accounted CHART 9 for by net purchases of British gilt-edged bonds, which, at . billion, were more than dou- Securities Transactions ble the  level of . billion. British bond Billion $ rates, although falling, remained  to  basis -50 FOREIGN SECURITIES points higher than comparable U.S. rates until the fourth quarter. Purchases were strong for -40 much of the year, but were especially heavy in the third quarter, when British bond rates fell sharply -30 and created opportunities for large capital gains. Large sales of bonds occurred in the Caribbean -20 Net Purchases and Asia. -10 Direct investment.—Net capital outflows for U.S. direct investment abroad were . billion 0 in , compared with . billion in  Net Sales (table L). +10 Most of the step-up was attributable to rein- +40 vested earnings, which increased to . billion U.S. SECURITIES 1 7/8/93 from . billion. Higher reinvested earnings in +30 Western Europe, almost all of which was in fi- nance and banking, accounted for over one-half +20 of the increase. Equity capital outflows increased Net Purchases to . billion from . billion as a result of +10 smaller inflows in (decreases in) equity capital. Intercompany debt out ows decreased to . 0 fl   billion from . billion. Net Sales -10 1982 83 84 85 86 87 88 89 90 91 92 93 Foreign assets in the United States 1. Excludes U.S. Tresaury securities. U.S. Department of Commerce, Bureau of Economic Analysis Foreign assets in the United States increased . billion in , compared with an increase  March      •

of . billion in . The step-up was mostly Net interbank flows decreased . billion in due to a large increase in foreign net purchases , following a . billion increase in ; the of U.S. securities by both private and official shift was more than accounted for by the con- foreigners. tinued withdrawal of Japanese operations from the U.S. market. Excluding the Japanese trans- Foreign official assets.—Foreign official assets in actions, there was some interbank demand for the United States increased . billion in , foreign funds in the second and fourth quar- compared with an increase of . billion in ters, when non-Japanese foreign-owned banks . Dollar assets of industrial countries in- borrowed from foreign sources, largely to re- creased . billion (table C). Much of the pay earlier interbank borrowing. This pattern is increase was from Asia in the second and third in contrast to that in , when most borrow- quarters and from Western Europe in the fourth ing by non-Japanese banks was used to expand quarter. Dollar assets of non- developing their share of the U.S. loan market. U.S.-owned countries increased . billion. Many Asian banks had little demand for funds in ,as countries stepped up their placement of dollar as- bank reserves were sufficient to finance the loan sets in the United States. In addition, a few Latin growth associated with the U.S. economic ex- American countries may have deposited unspent pansion. Liabilities to other private foreigners proceeds of new international debt issues in the increased, mainly as a result of U.S. securities United States. dealers’ repurchase arrangements with mutual funds. Liabilities reported by banks.—U.S. liabilities to Banks’ liabilities payable in foreign currencies foreigners reported by U.S. banks, excluding U.S. increased . billion. Banks’ custody liabili- Treasury securities, increased . billion in , ties increased . billion, mostly in the form of compared with an increase of . billion in negotiable ’s acquired in the fourth quarter. . The withdrawal of Japanese banking opera- tions from the U.S. market was a major reason for U.S. Treasury securities.—Net foreign purchases the limited inflow in . In addition, inflows of U.S. Treasury securities were . billion in were limited by weak demand for bank funds, , down from a record . billion in . both in the United States and abroad, and by low Demand was strongest in the first half of the year, bank interest rates, which reduced the incentive when bond prices were rising sharply, but de- to place funds on deposit in the United States mand fell late in the third quarter and in the (tables O and P). fourth, when bond prices fell. Purchases by

Table Q.ÐNew International Bond Issues by U.S. Borrowers [Millions of dollars]

1993 1991 1992 1993 p I II III r IV p

Total ...... 21,186 23,413 33,969 5,672 10,649 8,056 9,592 By issuer: Industrial corporations ...... 3,802 3,808 2,210 390 150 606 1,064 Banking corporations 1 ...... 1,731 4,317 2,645 119 1,386 650 490 Nonbank financial corporations 2 ...... 11,499 14,896 24,584 4,800 7,023 6,344 6,417 U.S. federally sponsored agencies ...... 255 ...... 300 ...... 300 ...... All other borrowers ...... 3,899 392 4,230 363 1,790 456 1,621 By instrument: Straight fixed-rate bonds ...... 15,126 15,215 15,312 2,355 5,369 2,388 5,200 Floating-rate notes ...... 272 3,624 6,318 500 2,300 1,590 1,928 Medium-term notes 3 ...... 3,158 3,089 9,838 2,338 1,695 3,918 1,887 Zero-coupon bonds ...... 1,524 291 185 ...... 185 ...... Bonds convertible into stock ...... 1,033 819 2,012 175 1,100 160 577 Other debt instruments ...... 73 375 304 304 ...... By currency: U.S. dollars ...... 12,187 11,900 20,320 3,367 6,981 5,253 4,719 Foreign currencies ...... 8,999 11,513 13,649 2,305 3,668 2,803 4,873 Japanese yen ...... 1,812 1,383 3,349 516 595 1,289 949 Swiss franc ...... 1,277 958 938 165 169 192 412 German mark ...... 280 2,444 2,543 368 1,171 16 988 British pound ...... 816 742 863 10 337 183 333 European currency unit ...... 520 2,159 225 ...... 225 ...... Canadian dollar ...... 2,639 1,917 2,321 480 125 609 1,107 Other currencies ...... 1,655 1,910 3,410 766 1,271 289 1,084

r Revised. 2. Principally credit, securities, brokerage, and insurance companies. p Preliminary. 3. Includes fixed-rate, floating-rate, and zero-coupon instruments issued through medium-term 1. Includes banks and bank holding companies. note programs.     March   •

Western Europe and Japan were one-half those International capital market activity, both in in ; purchases by Canada were higher. new issues and outstanding securities, acceler- ated worldwide. Foreign demand for dollar- Other U.S. securities.—Net foreign purchases of denominated assets reached record highs, as U.S. U.S. securities other than U.S. Treasury securities financial markets advanced on an acceleration in more than doubled to a record . billion in the decline in U.S. bond rates, low inflation, sig-  from . billion in , surpassing the nificant dollar appreciation, and, toward yearend, previous record of . billion in  (table O strong economic growth. Net purchases were and chart ). strong throughout the year, but nearly one-half

Table R.Ð Selected U.S. Transactions With OPEC Members 1 [Millions of dollars]

(Credits +; debits −) 1979 1980 1981 1982 1983 1984 1985 r 1986 r 1987 r 1988 r 1989 r 1990 r 1991 r 1992 r 1993 p

Exports of goods, services, and income: Merchandise, adjusted, excluding military ...... 14,529 17,388 21,091 20,638 15,257 13,775 11,397 10,386 10,714 13,777 13,311 13,401 18,456 20,719 18,583 Transfers under U.S. military agency sales contracts .. 3,087 2,991 3,664 4,700 5,555 3,241 2,890 2,992 2,781 1,430 1,309 2,471 3,373 4,224 3,430 Royalties and license fees 2 ...... 46( D) 69 116 81 74 84 48 103 76 71 94 149 147 170 Other private services 2 ...... 966 (D) 3 2,762 3,395 3,397 2,619 2,493 3 2,287 1,929 1,502 1,541 1,553 2,129 2,702 2,840 U.S. Government miscellaneous services ...... 37 34 28 29 44 48 41 15 25 18 16 20 16 25 −80 Income receipts on U.S. assets abroad: Direct investment receipts ...... 4,514 2,591 4,133 3 3,474 2,854 3,395 2,481 1,867 1,881 1,826 1,835 2,858 3,322 3,227 2,819 Other private receipts ...... 1,092 1,401 2,047 2,532 2,256 2,453 1,995 1,535 1,680 1,941 2,435 2,258 1,445 1,072 869 U.S. Government receipts ...... 155 147 167 174 274 212 222 196 167 215 154 261 217 184 137 Imports of goods, services, and income: Merchandise, adjusted, excluding military ...... −47,893 −58,803 −49,977 −31,510 −24,919 −26,853 −22,834 −18,893 −24,416 −23,016 −30,712 −38,231 −33,428 −33,716 −32,642 Direct defense expenditures ...... −1,580 −1,489 −1,862 −1,798 −1,976 −1,440 −962 −494 −370 −377 −614 −1,419 −785 −882 −444 Royalties and license fees 2 ...... (*) (D)(D)(D)(D)(D)(D)(D) (*) −4 −1 (*) −1 −2 −8 Other private services 2 ...... −90 (D) 3 (D)(D)(D)(D)(D)3(D)−211 −222 −205 −296 −431 −465 −486 U.S. Government miscellaneous services ...... −71 −73 −85 −98 −106 −116 −120 −102 −118 −96 −104 −93 −90 −88 18 Income payments on foreign assets in the United States: Direct investment payments ...... −49 −40 −48 −327 27 38 −72 114 −78 164 −50 −98 −72 61 −117 Other private payments ...... −1,646 −2,592 −3,294 −3,556 −2,914 −3,094 −2,499 −1,916 −1,837 −2,175 −2,798 −2,871 −2,658 −2,160 −2,027 U.S. Government payments ...... −1,382 −2,430 −4,007 −6,062 −5,462 −4,806 −4,241 −3,141 −2,586 −2,141 −2,758 −3,284 −2,792 −2,556 −2,261 U.S. Government grants ...... −43 −73 −57 −53 −56 −68 −64 −75 −85 −99 −130 3,367 27,449 1,122 −77 U.S. Government pensions and other transfers ...... −15 −17 −7 −7 −8 −8 −9 −9 −14 −10 16 −12 −292 −15 −7 U.S. assets abroad, net (increase/capital outflow (−)) ..... −1,672 290 −3,147 −6,891 −4,262 −1,171 2,010 −1,001 −511 −980 −1,875 2,051 −877 −11,615 1,059 U.S. Government assets, other than official reserve assets, net ...... −179 −251 −188 41 82 −92 −7 158 141 −61 135 −247 −790 −529 1 U.S. credits and other long-term assets ...... −465 −353 −432 −195 −525 −425 −358 −195 −165 −396 −212 −647 −246 −267 −83 Repayments on U.S. credits and other long-term assets ...... 277 112 251 238 586 331 348 349 308 344 343 481 397 271 215 U.S. foreign currency holdings and U.S. short-term assets, net ...... 9 −10 −7 −221234−2−94−81 −941 −533 −131 U.S. private assets, net ...... −1,493 541 −2,959 −6,932 −4,344 −1,079 2,017 −1,159 −652 −919 −2,010 2,298 −87 −11,086 1,058 Direct investment abroad ...... −1,783 2,106 −523 −1,605 −1,260 −1,698 336 −1,413 −4 937 535 −1,079 −2,998 −1,165 −1,778 Foreign securities ...... 258 321 130 −218 −77 324 156 33 58 −365 96 −2,815 −17 625 −664 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns ...... −209 −202 −264 589 98 171 208 43 81 41 100 13 −224 −44 252 U.S. claims reported by U.S. banks, not included elsewhere ...... 241 −1,684 −2,302 −5,698 −3,105 124 1,317 178 −787 −1,532 −2,741 6,179 3,152 −10,502 3,248 Foreign assets in the United States, net (increase/capital inflow(+)) ...... 7,047 14,968 14,784 10,488 −7,931 −3,133 −3,393 −9,380 −5,371 −728 15,282 3,537 −4,384 14,483 −8,104 Of which: foreign official ...... 5,498 12,680 13,092 7,271 −8,561 −4,664 −6,644 −9,308 −9,939 −2,885 10,724 1,772 −5,183 5,857 −3,968 U.S. Treasury securities ...... 2,179 9,566 10,338 7,345 −6,650 −3,501 −1,389 −4,938 −5,398 1,688 7,815 −244 −5,902 4,424 −5,989 Other U.S. securities ...... 1,089 4,688 4,621 −673 −1,947 −3,228 −2,327 −1,746 −1,808 −2,591 3,170 −2,676 1,989 4,128 3,319 Other U.S. Government liabilities ...... −1,033 543 416 737 −276 838 23 −427 −957 177 437 722 203 685 847 U.S. liabilities reported by U.S. banks, not included elsewhere ...... 5,088 −1,161 −2,054 4,660 1,043 3,458 325 −1,459 2,405 −1,146 1,836 5,686 −164 4,728 −5,616 Direct investment in the United States ...... 20 240 2,689 1,427 −11 747 176 510 296 1,629 1,503 −662 61 26 −829 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns ...... −296 1,092 −1,226 −3,008 −90 −1,447 −201 −1,320 91 −485 521 711 −571 492 164 All other transactions with OPEC and transfers of funds between foreign areas, net ...... 22,968 24,412 13,517 4,926 18,111 15,012 10,802 15,784 16,317 8,899 3,277 14,433 −10,746 3,533 16,328 Memorandum: Balance on merchandise trade ...... −33,364 −41,415 −28,886 −10,872 −9,662 −13,078 −11,437 −8,507 −13,702 −9,239 −17,401 −24,830 −14,972 −12,997 −14,059

D Suppressed to avoid disclosure of data of individual companies. tion is not available for all accounts; therefore, some accounts are estimated from regional data. r Revised. 2. Beginning in 1982, these lines are presented on a gross basis. The definition of exports is revised to exclude p Preliminary. U.S. parents' payments to foreign affiliates and to include U.S. affiliates'receipts from foreign parents. The definition * Less than $500,000 (±). of imports is revised to include U.S. parents' payments to foreign affiliates and to exclude U.S. affiliates' receipts 1. OPEC members are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, from foreign parents. United Arab Emirates, and Venezuela. Ecuador withdrew from OPEC in December 1992. Individual country informa- 3. Break in series. See Technical Notes in June 1989 and June 1990 SURVEY.  March      •

of the net purchases, or . billion, occurred Straight fixed-rate bonds accounted for . in the record fourth quarter. U.S. corporate and billion of the new issues, unchanged from last other bonds accounted for most of the net for- year; however, as a percentage of total new issues, eign purchases, totaling a record . billion in these bonds dropped to  percent from  per- . Net foreign purchases of U.S. stocks totaled cent. Issues placed through medium-term note a record . billion in . () programs increased sharply to . billion Net foreign purchases of U.S. stocks occurred from . billion; popularity of  programs throughout the year, but mostly in the fourth has increased as a result of the lower costs and quarter, when a record . billion was pur- greater flexibility offered borrowers. Floating- chased on reports of a strengthening U.S. econ- rate notes also increased, as issuers were attracted omy. Heavy volumes of initial public offerings, to comparatively cheaper funding than was avail- along with an increase in the U.S. issuance of able in the swap market and as investors were Euro-equities abroad, contributed to the increase attracted to floating-rate yields that were higher in net purchases. Most of the increase in net than fixed-rate yields. purchases was attributable to Western European The U.S. dollar remained the most popular investors, who shifted to net purchases of . currency for new issues; new issues denomin- billion from net sales of . billion. Gross pur- ated in dollars totaled . billion, up from . chases and sales of U.S. stocks were  percent billion. higher in  than in . (The U.S. stock Net foreign purchases of U.S. federally spon- market advanced consistently during , but sored agency bonds more than doubled to a underperformed most foreign markets. The U.S. record . billion in , as investors moved market advanced about  percent, while the Ger- into mortgage-backed securities of U.S. agencies, man, Swiss, and Dutch markets advanced  partly on expectations that interest rates would percent each; the Canadian, British, and French begin to rise. Gross purchases and sales of agency markets about  percent each; and the Japanese bonds were  percent higher than in . market,  percent.) Direct investment.—Net capital inflows for for- Net foreign purchases of U.S. corporate and eign direct investment in the United States were other bonds increased strongly to . billion . billion in , compared with . billion from . billion. in  (table L). New bond issues sold abroad by U.S. corpora- Net intercompany debt shifted to inflows of tions increased to . billion from . billion, . billion from outflows of . billion. The reaching the highest annual volume since  shift, which occurred mostly from large inflows (table Q). The lowest U.S. interest rates in  in the first half of the year, was primarily respon- years prompted a large volume of refinancing. sible for the rebound in total capital inflows to a (The Eurobond market as a whole saw record very substantial amount in  from a very small primary market activity, with new issue volume amount in . up  percent from the  level.) Issues placed Reinvested earnings increased to . billion by U.S. nonbank financial corporations increased from . billion, as operating losses− of many to . billion from . billion; issues by re- affiliates− shifted to gains. Equity capital inflows tail, telecommunications, and trading companies decreased to . billion from . billion. were also strong. Tables  through  follow.     March   •

Table 1.ÐU.S. International Transactions [Millions of dollars]

Not seasonally adjusted Seasonally adjusted Line (Credits +; debits −) 1 1992 1993 p 1993 1993 I II III r IV p I r II r III r IV p

1 Exports of goods, services, and income ...... 730,460 753,898 183,832 189,162 185,740 195,163 183,959 187,679 187,200 195,065 2 Merchandise, adjusted, excluding military 2 ...... 440,138 456,766 112,023 115,811 108,147 120,785 111,480 113,067 111,935 120,284 3 Services 3 ...... 179,710 186,792 45,171 45,628 50,185 45,808 46,476 46,810 46,856 46,654 4 Transfers under U.S. military agency sales contracts 4 ...... 11,015 11,259 3,058 2,950 2,830 2,422 3,058 2,950 2,830 2,422 5 Travel ...... 53,861 56,501 12,384 14,093 16,973 13,051 13,898 14,186 14,285 14,132 6 Passenger fares ...... 17,353 17,849 4,022 4,404 5,360 4,064 4,445 4,530 4,475 4,399 7 Other transportation ...... 22,773 23,508 5,732 5,839 5,856 6,081 5,856 5,894 5,760 5,999 8 Royalties and license fees 5 ...... 20,238 20,414 4,697 5,095 4,952 5,670 4,898 5,223 5,174 5,119 9 Other private services 5 ...... 53,601 56,434 15,115 12,958 14,030 14,331 14,156 13,737 14,148 14,394 10 U.S. Government miscellaneous services ...... 869 827 165 290 184 189 165 290 184 189 11 Income receipts on U.S. assets abroad ...... 110,612 110,339 26,638 27,723 27,408 28,571 26,003 27,802 28,409 28,127 12 Direct investment receipts ...... 49,888 55,815 13,205 14,336 13,535 14,739 12,696 14,339 14,546 14,236 13 Other private receipts ...... 53,687 49,527 12,043 12,297 12,446 12,741 12,043 12,297 12,446 12,741 14 U.S. Government receipts ...... 7,038 4,997 1,390 1,090 1,427 1,090 1,264 1,166 1,417 1,150 15 Imports of goods, services, and income ...... −763,965 −830,631 −191,037 −207,817 −213,362 −218,415 −198,742 −207,614 −207,700 −216,578 16 Merchandise, adjusted, excluding military 2 ...... −536,276 −589,244 −136,194 −146,288 −150,099 −156,663 −140,805 −147,465 −147,907 −153,067 17 Services 3 ...... −123,299 −131,114 −29,399 −33,272 −35,875 −32,569 −31,822 −32,320 −33,001 −33,973 18 Direct defense expenditures ...... −13,766 −12,286 −3,203 −3,176 −2,958 −2,950 −3,203 −3,176 −2,958 −2,950 19 Travel ...... −39,872 −42,329 −8,396 −11,387 −13,077 −9,470 −10,446 −10,263 −10,594 −11,026 20 Passenger fares ...... −10,943 −11,256 −2,404 −2,895 −3,190 −2,767 −2,760 −2,743 −2,790 −2,963 21 Other transportation ...... −23,454 −24,511 −5,847 −6,092 −6,311 −6,261 −5,930 −6,184 −6,144 −6,254 22 Royalties and license fees 5 ...... −4,986 −4,748 −1,071 −1,174 −1,252 −1,251 −1,088 −1,201 −1,232 −1,227 23 Other private services 5 ...... −27,988 −33,595 −7,884 −7,977 −8,453 −9,281 −7,801 −8,182 −8,649 −8,963 24 U.S. Government miscellaneous services ...... −2,290 −2,388 −594 −571 −634 −590 −594 −571 −634 −590 25 Income payments on foreign assets in the United States ...... −104,391 −110,273 −25,445 −28,257 −27,389 −29,183 −26,115 −27,829 −26,792 −29,538 26 Direct investment payments ...... −1,630 −9,837 −795 −3,132 −2,602 −3,309 −1,465 −2,704 −2,005 −3,664 27 Other private payments ...... −61,582 −58,545 −14,240 −14,820 −14,201 −15,284 −14,240 −14,820 −14,201 −15,284 28 U.S. Government payments ...... −41,179 −41,891 −10,410 −10,305 −10,586 −10,590 −10,410 −10,305 −10,586 −10,590 29 Unilateral transfers, net ...... −32,895 −32,509 −7,471 −7,022 −7,381 −10,636 −7,592 −7,300 −7,591 −10,026 30 U.S. Government grants 4 ...... −14,688 −14,438 −3,242 −2,730 −3,029 −5,437 −3,242 −2,730 −3,029 −5,437 31 U.S. Government pensions and other transfers ...... −3,735 −3,946 −679 −954 −728 −1,585 −985 −986 −985 −989 32 Private remittances and other transfers 6 ...... −14,473 −14,126 −3,550 −3,338 −3,624 −3,614 −3,365 −3,584 −3,577 −3,600 33 U.S. assets abroad, net (increase/capital outflow (−)) ...... −50,961 −143,872 −13,676 −31,201 −44,492 −54,503 −12,715 −29,697 −43,398 −58,062 34 U.S. official reserve assets, net 7 ...... 3,901 −1,379 −983 822 −545 −673 −983 822 −545 −673 35 Gold ...... 36 Special drawing rights ...... 2,316 −537 −140 −166 −118 −113 −140 −166 −118 −113 37 Reserve position in the International Monetary Fund ...... −2,692 −44 −228 313 −48 −80 −228 313 −48 −80 38 Foreign currencies ...... 4,277 −797 −615 675 −378 −480 −615 675 −378 −480 39 U.S. Government assets, other than official reserve assets, net ...... −1,609 −106 535 −275 −181 −186 535 −275 −180 −186 40 U.S. credits and other long−term assets ...... −7,140 −5,642 −940 −727 −1,536 −2,438 −940 −727 −1,536 −2,438 41 Repayments on U.S. credits and other long−term assets 8 ...... 5,596 5,891 1,807 859 1,924 1,301 1,807 859 1,924 1,301 42 U.S. foreign currency holdings and U.S. short−term assets, net ...... −65 −355 −332 −407 −568 951 −332 −407 −568 951 43 U.S. private assets, net ...... −53,253 −142,388 −13,228 −31,749 −43,766 −53,644 −12,267 −30,244 −42,674 −57,203 44 Direct investment ...... −34,791 −50,244 −9,620 −13,411 −9,441 −17,771 −8,659 −11,906 −8,349 −21,330 45 Foreign securities ...... −47,961 −125,377 −26,889 −24,098 −45,794 −28,596 −26,889 −24,098 −45,794 −28,596 46 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns ...... 4,551 n.a. −4,774 443 2,982 n.a. −4,774 443 2,982 n.a. 47 U.S. claims reported by U.S. banks, not included elsewhere ...... 24,948 34,582 28,055 5,317 8,487 −7,277 28,055 5,317 8,487 −7,277 48 Foreign assets in the United States, net (increase/capital inflow (+)) ...... 129,579 226,380 25,218 43,426 72,324 85,412 25,875 42,537 71,637 86,330 49 Foreign official assets in the United States, net ...... 40,684 71,225 10,929 17,699 19,237 23,360 10,929 17,699 19,237 23,360 50 U.S. Government securities ...... 22,403 52,791 1,749 6,750 20,443 23,849 1,749 6,750 20,443 23,849 51 U.S. Treasury securities 9 ...... 18,454 48,700 1,039 5,668 19,098 22,895 1,039 5,668 19,098 22,895 52 Other 10 ...... 3,949 4,091 710 1,082 1,345 954 710 1,082 1,345 954 53 Other U.S. Government liabilities 11 ...... 2,542 1,890 −395 396 1,105 784 −395 396 1,105 784 54 U.S. liabilities reported by U.S. banks, not included elsewhere ...... 16,427 13,959 8,171 9,454 −2,495 −1,171 8,171 9,454 −2,495 −1,171 55 Other foreign official assets 12 ...... −688 2,585 1,404 1,099 184 −102 1,404 1,099 184 −102 56 Other foreign assets in the United States, net ...... 88,895 155,154 14,289 25,727 53,087 62,052 14,946 24,838 52,400 62,970 57 Direct investment ...... 2,378 31,519 8,101 11,345 3,346 8,728 8,758 10,456 2,659 9,646 58 U.S. Treasury securities ...... 36,893 24,328 13,599 −623 3,474 7,878 13,599 −623 3,474 7,878 59 U.S. securities other than U.S. Treasury securities ...... 30,274 79,612 9,394 15,025 17,257 37,936 9,394 15,025 17,257 37,936 60 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns ...... 741 n.a. 2,057 1,361 4,069 n.a. 2,057 1,361 4,069 n.a. 61 U.S. liabilities reported by U.S. banks, not included elsewhere ...... 18,609 12,208 −18,862 −1,381 24,941 7,510 −18,862 −1,381 24,941 7,510 62 Allocations of special drawing rights ...... 63 Statistical discrepancy (sum of above items with sign reversed) ...... −12,218 26,735 3,134 13,452 7,171 2,979 9,215 14,395 −148 3,271 63a Of which seasonal adjustment discrepancy ...... 6,082 943 −7,319 292 Memoranda: 64 Balance on merchandise trade (lines 2 and 16) ...... −96,138 −132,478 −24,171 −30,477 −41,952 −35,878 −29,325 −34,398 −35,972 −32,783 65 Balance on services (lines 3 and 17) ...... 56,411 55,679 15,773 12,356 14,310 13,238 14,654 14,490 13,855 12,681 66 Balance on goods and services (lines 64 and 65) ...... −39,727 −76,799 −8,398 −18,121 −27,642 −22,640 −14,671 −19,908 −22,117 −20,102 67 Balance on investment income (lines 11 and 25) ...... 6,222 66 1,193 −534 20 −612 −112 −27 1,617 −1,411 68 Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13 ...... −33,505 −76,733 −7,205 −18,655 −27,622 −23,252 −14,783 −19,935 −20,500 −21,513 69 Unilateral transfers, net (line 29) ...... −32,895 −32,509 −7,471 −7,022 −7,381 −10,636 −7,592 −7,300 −7,591 −10,026 70 Balance on current account (lines 1 ,15, and 29 or lines 68 and 69) 13 ...... −66,400 −109,242 −14,676 −25,677 −35,003 −33,888 −22,375 −27,235 −28,091 −31,539

See footnotes on page 79.  March      •

Table 2.ÐU.S. Merchandise Trade [Millions of dollars]

Not seasonally adjusted Seasonally adjusted Line 1992 1993 p 1992 1993 1992 1993 II III IV I II III r IV p II III IV I r II r III r IV p

A Balance of payments adjustments to Census trade data:

EXPORTS

1 Merchandise exports, Census basis 1 including reexports and including military grant shipments ...... 448,164 464,767 112,984 107,628 116,322 113,821 117,741 110,205 123,000 110,429 111,495 115,892 113,278 114,998 113,993 122,498 Adjustments: 2 Private gift parcel remittances ...... 1,010 761 276 202 209 207 189 179 186 276 202 209 207 189 179 186 3 Gold exports, nonmonetary ...... 398 ...... 75 86 225 ...... 75 86 225 ...... 4 Inland U.S. freight to Canada 2 ...... 5 U.S.±Canadian reconciliation adjustments, n.e.c., net 3 ...... 6 Merchandise exports transferred under U.S. military agency sales contracts identified in Census documents 4 ...... −7,767 −7,490 −2,132 −1,779 −1,902 −1,720 −1,783 −1,840 −2,147 −2,132 −1,779 −1,902 −1,720 −1,783 −1,840 −2,147 7 Other adjustments, net 5 ...... −1,667 −1,272 −342 −511 −432 −285 −336 −397 −254 −342 −511 −432 −285 −336 −397 −254 8 Equals: Merchandise exports, adjusted to balance of payments basis excluding ``military'' (table 1, line 2) ...... 440,138 456,766 110,864 105,626 114,418 112,023 115,811 108,147 120,785 108,306 109,493 113,992 111,480 113,067 111,935 120,284

IMPORTS

9 Merchandise imports, Census basis 1 (general imports) ...... 532,665 580,543 130,882 137,431 141,948 134,725 144,460 147,278 154,080 132,322 136,358 138,294 139,336 145,637 145,086 150,484 Adjustments: 10 Electric energy ...... 85 65 21 20 22 22 21 14 8 21 20 22 22 21 14 8 11 Gold imports, nonmonetary ...... 1,887 6,775 369 307 1,211 1,003 1,358 2,347 2,067 369 307 1,211 1,003 1,358 2,347 2,067 12 Inland freight in Canada 2 ...... 2,809 2,768 714 688 706 705 690 652 721 714 688 706 705 690 652 721 13 U.S.±Canadian reconciliation adjustment, n.e.c., net 3 ...... 14 Merchandise imports of U.S. military agencies identified in Census documents 4 ...... −1,058 −787 −267 −248 −263 −222 −216 −167 −182 −267 −248 −263 −222 −216 −167 −182 15 Other adjustments, net 6 ...... −112 −120 −52 −20 −16 −39 −25 −25 −31 −52 −20 −16 −39 −25 −25 −31 16 Equals: Merchandise imports, adjusted to balance of payments basis, excluding ``military'' (table 1, line 16) ...... 536,276 589,244 131,671 138,176 143,601 136,194 146,288 150,099 156,663 133,107 137,105 139,954 140,805 147,465 147,907 153,067 B Merchandise trade, by area and country, adjusted to balance of payments basis, excluding military: 7

EXPORTS

1 Total, all countries (A−8) ...... 440,138 456,766 110,864 105,626 114,418 112,023 115,811 108,147 120,785 108,306 109,493 113,992 111,480 113,067 111,935 120,284 2 Western Europe ...... 114,454 111,327 28,387 26,193 28,736 29,589 27,476 24,889 29,373 27,702 27,101 28,686 29,505 26,789 25,714 29,319 3 European Communities ...... 100,623 94,999 24,936 23,063 25,097 26,098 22,707 20,901 25,293 24,336 23,860 25,051 26,021 22,141 21,595 25,242 4 Belgium and Luxembourg ...... 9,955 9,353 2,474 2,466 2,527 2,330 2,102 2,154 2,767 2,409 2,544 2,525 2,324 2,047 2,219 2,763 5 France ...... 14,589 13,229 3,643 3,295 3,500 3,933 3,342 2,836 3,118 3,551 3,400 3,502 3,930 3,256 2,924 3,119 6 Germany ...... 20,349 18,305 4,979 4,717 5,130 5,074 4,520 4,017 4,694 4,852 4,874 5,124 5,065 4,402 4,149 4,689 7 Italy ...... 8,595 6,321 2,284 2,084 1,854 1,709 1,771 1,203 1,638 2,231 2,155 1,850 1,706 1,731 1,249 1,635 8 Netherlands ...... 13,429 12,645 3,108 2,870 3,589 3,534 3,105 2,762 3,244 3,049 2,986 3,565 3,511 3,041 2,868 3,225 9 United Kingdom ...... 22,398 25,823 5,611 4,933 5,914 6,947 5,578 5,833 7,465 5,466 5,093 5,919 6,937 5,421 6,006 7,459 10 Other ...... 11,308 9,323 2,837 2,698 2,583 2,571 2,289 2,096 2,367 2,778 2,808 2,566 2,548 2,243 2,180 2,352 11 Western Europe, excluding EC ...... 13,831 16,328 3,451 3,130 3,639 3,491 4,769 3,988 4,080 3,366 3,241 3,635 3,484 4,648 4,119 4,077 12 Canada 3 ...... 91,146 100,466 24,107 21,852 22,816 23,933 26,634 24,032 25,867 23,526 22,568 22,799 23,875 25,967 24,794 25,830 13 Japan ...... 46,874 46,883 11,202 11,753 11,719 11,757 11,848 11,579 11,699 10,995 12,253 11,597 11,632 11,627 12,069 11,555 14 Australia, New Zealand, and South Africa 8 ...... 15 Australia ...... 8,697 8,118 2,205 2,156 2,524 1,930 2,034 2,047 2,107 2,145 2,221 2,526 1,928 1,977 2,109 2,104 16 Eastern Europe ...... 5,630 6,178 1,242 1,391 1,716 1,154 1,779 1,326 1,919 1,241 1,479 1,681 1,139 1,773 1,393 1,873 17 Latin America and Other Western Hemisphere ...... 75,379 78,325 19,148 18,843 19,676 18,776 19,999 18,954 20,596 18,696 19,501 19,611 18,682 19,519 19,603 20,521 18 Brazil ...... 5,742 5,981 1,400 1,281 1,695 1,321 1,482 1,422 1,756 1,363 1,318 1,696 1,319 1,441 1,465 1,756 19 Mexico ...... 40,494 41,531 10,368 10,185 10,179 10,238 10,755 9,805 10,733 10,129 10,540 10,149 10,188 10,501 10,141 10,701 20 Venezuela ...... 5,316 4,495 1,401 1,435 1,260 1,200 1,165 1,090 1,040 1,366 1,485 1,254 1,192 1,138 1,130 1,035 21 Other ...... 23,827 26,318 5,979 5,942 6,542 6,017 6,597 6,637 7,067 5,838 6,158 6,512 5,983 6,439 6,867 7,029

22 Other countries in Asia and Africa 78 ...... 97,869 105,245 24,485 23,437 27,231 24,884 26,041 25,320 29,000 23,913 24,369 27,092 24,719 25,415 26,253 28,858 23 Asia 78 ...... 88,229 96,151 22,048 21,020 24,536 22,622 23,801 23,151 26,577 21,522 21,812 24,451 22,501 23,204 23,976 26,470 24 Members of OPEC ...... 12,596 12,193 3,274 2,747 3,245 3,010 2,916 2,436 3,831 3,187 2,855 3,242 3,000 2,842 2,529 3,822 25 China ...... 7,399 8,739 1,888 1,654 2,245 1,924 2,064 2,301 2,450 1,847 1,705 2,252 1,916 2,010 2,364 2,449 26 Hong Kong ...... 9,021 9,838 2,215 2,243 2,615 2,331 2,659 2,374 2,474 2,163 2,322 2,606 2,322 2,596 2,457 2,463 27 Korea, Republic of ...... 13,840 14,060 3,460 3,154 3,355 3,271 3,531 3,594 3,664 3,386 3,298 3,328 3,240 3,449 3,734 3,637 28 Singapore ...... 9,511 11,197 2,562 2,264 2,626 2,704 2,739 2,851 2,903 2,494 2,331 2,632 2,702 2,660 2,933 2,902 29 Taiwan ...... 14,509 15,354 3,726 3,236 4,368 3,550 4,081 3,573 4,150 3,646 3,369 4,345 3,528 3,985 3,719 4,122 30 Africa 78 ...... 9,144 8,677 2,236 2,294 2,606 2,187 2,115 2,055 2,320 2,193 2,426 2,556 2,144 2,086 2,158 2,289 31 Members of OPEC ...... 1,812 1,895 532 345 531 477 457 415 546 527 362 524 468 454 437 536 32 International organizations and unallocated ...... 89 224 88 1 ...... 224 88 1 ...... 224 Memoranda: 33 Industrial countries 7 ...... 264,900 270,222 66,656 63,054 66,893 68,005 68,764 63,487 69,966 65,103 65,286 66,692 67,727 67,114 65,655 69,726 34 Members of OPEC 7 ...... 20,719 18,583 5,471 4,805 5,279 4,928 4,836 3,672 5,147 5,337 4,989 5,263 4,660 4,434 4,096 5,393 35 Other countries 7 ...... 154,430 167,737 38,649 37,766 42,246 39,090 42,211 40,988 45,448 37,778 39,217 42,037 39,093 41,519 42,184 44,941

See footnotes on page 79.     March   •

Table 2.ÐU.S. Merchandise TradeÐContinued [Millions of dollars]

Not seasonally adjusted Seasonally adjusted Line 1992 1993 p 1992 1993 1992 1993 II III IV I II III r IV p II III IV I r II r III r IV p

B Merchandise trade, by area and country, adjusted to balance of payments basis, excluding military 7ÐContinued:

IMPORTS

36 Total, all countries (A−16) ...... 536,276 589,244 131,671 138,176 143,601 136,194 146,288 150,099 156,663 133,107 137,105 139,954 140,805 147,465 147,907 153,067 37 Western Europe ...... 111,287 121,008 27,507 27,958 30,888 27,392 29,978 30,321 33,317 27,820 27,741 30,080 28,341 30,220 29,889 32,558 38 European Communities ...... 93,895 102,255 23,217 23,892 25,723 23,325 25,447 25,295 28,188 23,486 23,708 25,035 24,131 25,653 24,929 27,542 39 Belgium and Luxembourg ...... 4,695 7,086 1,139 1,205 1,334 1,842 2,430 1,305 1,509 1,153 1,197 1,299 1,888 2,442 1,285 1,471 40 France ...... 14,630 15,161 3,757 3,629 3,907 3,468 3,811 3,613 4,269 3,800 3,600 3,797 3,595 3,844 3,558 4,164 41 Germany ...... 28,725 28,528 7,106 7,085 8,149 6,723 7,086 6,951 7,768 7,192 7,033 7,926 6,966 7,146 6,841 7,575 42 Italy ...... 12,208 13,181 3,029 3,257 3,130 2,941 3,124 3,323 3,793 3,063 3,230 3,044 3,049 3,154 3,275 3,703 43 Netherlands ...... 5,742 8,480 1,315 1,589 1,671 1,547 1,383 2,716 2,834 1,330 1,578 1,634 1,592 1,393 2,694 2,801 44 United Kingdom ...... 19,934 21,509 4,913 5,150 5,341 4,872 5,583 5,246 5,808 4,967 5,109 5,203 5,040 5,627 5,168 5,674 45 Other ...... 7,961 8,310 1,958 1,977 2,191 1,932 2,030 2,141 2,207 1,981 1,961 2,132 2,001 2,047 2,108 2,154 46 Western Europe, excluding EC ...... 17,392 18,753 4,290 4,066 5,165 4,067 4,531 5,026 5,129 4,334 4,033 5,045 4,210 4,567 4,960 5,016 47 Canada 3 ...... 100,871 113,023 26,215 24,313 26,382 27,097 29,706 26,737 29,483 26,486 24,119 25,682 27,998 29,925 26,321 28,779 48 Japan ...... 97,387 107,255 22,669 24,584 26,674 25,338 25,583 27,201 29,133 22,932 24,384 25,939 26,261 25,804 26,778 28,412 49 Australia, New Zealand, and South Africa 8 ...... 50 Australia ...... 3,673 3,287 960 893 881 793 762 897 835 969 884 856 821 768 883 815 51 Eastern Europe ...... 1,977 3,540 421 555 520 594 883 886 1,177 426 551 505 618 893 876 1,153 52 Latin America and Other Western Hemisphere ...... 69,179 75,171 17,417 17,708 18,096 17,572 19,078 18,718 19,803 17,588 17,571 17,689 18,112 19,217 18,456 19,386 53 Brazil ...... 7,609 7,465 1,954 1,829 1,933 1,554 1,855 2,115 1,941 1,960 1,817 1,883 1,611 1,872 2,085 1,897 54 Mexico ...... 35,609 40,434 9,159 8,951 9,347 9,382 10,282 9,824 10,946 9,195 8,900 9,135 9,691 10,363 9,681 10,699 55 Venezuela ...... 8,181 8,421 1,831 2,243 2,387 2,012 2,192 2,132 2,085 1,842 2,233 2,371 2,041 2,201 2,113 2,066 56 Other ...... 17,780 18,851 4,473 4,685 4,429 4,624 4,749 4,647 4,831 4,591 4,621 4,300 4,769 4,781 4,577 4,724 57 Other countries in Asia and Africa 78 ...... 151,902 165,960 36,482 42,165 40,160 37,408 40,298 45,339 42,915 36,886 41,855 39,203 38,654 40,638 44,704 41,964 58 Asia 78 ...... 136,925 150,294 32,249 38,098 36,323 33,575 35,952 41,226 39,541 32,403 37,890 35,479 34,752 36,274 40,633 38,635 59 Members of OPEC ...... 16,204 15,745 3,905 4,251 4,335 4,099 4,064 3,766 3,816 3,927 4,228 4,288 4,179 4,084 3,724 3,758 60 China ...... 25,727 31,549 5,711 7,877 7,091 6,137 7,354 9,530 8,528 5,746 7,841 6,923 6,376 7,436 9,400 8,337 61 Hong Kong ...... 9,793 9,556 2,235 2,777 2,715 2,032 2,211 2,684 2,629 2,247 2,763 2,648 2,109 2,234 2,646 2,567 62 Korea, Republic of ...... 16,646 17,092 4,077 4,535 4,182 3,920 4,311 4,565 4,296 4,092 4,507 4,075 4,061 4,347 4,494 4,190 63 Singapore ...... 11,310 12,797 2,717 2,950 3,120 2,790 3,066 3,481 3,460 2,729 2,935 3,042 2,894 3,095 3,430 3,378 64 Taiwan ...... 24,593 25,096 6,019 6,572 6,285 5,744 6,149 6,694 6,509 6,042 6,532 6,124 5,954 6,202 6,591 6,349 65 Africa 78 ...... 14,800 15,431 4,199 4,019 3,777 3,788 4,310 4,007 3,326 4,220 3,997 3,740 3,855 4,327 3,968 3,281 66 Members of OPEC ...... 7,989 8,476 2,423 2,139 2,099 2,108 2,520 2,218 1,630 2,436 2,128 2,088 2,133 2,527 2,201 1,615 67 International organizations and unallocated ...... Memoranda: 68 Industrial countries 7 ...... 316,164 347,632 78,225 78,490 85,488 81,351 86,898 85,929 93,454 79,084 77,865 83,203 84,178 87,592 84,630 91,232 69 Members of OPEC 7 ...... 33,716 32,642 8,493 9,021 9,142 8,525 9,097 7,802 7,218 8,542 8,974 9,061 8,353 8,812 8,038 7,439 70 Other countries 7 ...... 186,396 208,970 44,953 50,665 48,971 46,318 50,293 56,368 55,991 45,481 50,266 47,690 48,274 51,061 55,239 54,396

BALANCE (EXCESS OF EXPORTS +)

71 Total, all countries ...... −96,138 −132,478 −20,807 −32,550 −29,183 −24,171 −30,477 −41,952 −35,878 −24,801 −27,612 −25,962 −29,325 −34,398 −35,972 −32,783 72 Western Europe ...... 3,167 −9,681 880 −1,765 −2,152 2,197 −2,502 −5,432 −3,944 −118 −640 −1,394 1,164 −3,431 −4,175 −3,239 73 European Communities ...... 6,728 −7,256 1,719 −829 −626 2,773 −2,740 −4,394 −2,895 850 152 16 1,890 −3,512 −3,334 −2,300 74 Belgium and Luxembourg ...... 5,260 2,267 1,335 1,261 1,193 488 −328 849 1,258 1,256 1,347 1,226 436 −395 934 1,292 75 France ...... −41 −1,932 −114 −334 −407 465 −469 −777 −1,151 −249 −200 −295 335 −588 −634 −1,045 76 Germany ...... −8,376 −10,223 −2,127 −2,368 −3,019 −1,649 −2,566 −2,934 −3,074 −2,340 −2,159 −2,802 −1,901 −2,744 −2,692 −2,886 77 Italy ...... −3,613 −6,860 −745 −1,173 −1,276 −1,232 −1,353 −2,120 −2,155 −832 −1,075 −1,194 −1,343 −1,423 −2,026 −2,068 78 Netherlands ...... 7,687 4,165 1,793 1,281 1,918 1,987 1,722 46 410 1,719 1,408 1,931 1,919 1,648 174 424 79 United Kingdom ...... 2,464 4,314 698 −217 573 2,075 −5 587 1,657 499 −16 716 1,897 −206 838 1,785 80 Other ...... 3,347 1,013 879 721 392 639 259 −45 160 797 847 434 547 196 72 198 81 Western Europe, excluding EC ...... −3,561 −2,425 −839 −936 −1,526 −576 238 −1,038 −1,049 −968 −792 −1,410 −726 81 −841 −939 82 Canada 3 ...... −9,725 −12,557 −2,108 −2,461 −3,566 −3,164 −3,072 −2,705 −3,616 −2,960 −1,551 −2,883 −4,123 −3,958 −1,527 −2,949 83 Japan ...... −50,513 −60,372 −11,467 −12,831 −14,955 −13,581 −13,735 −15,622 −17,434 −11,937 −12,131 −14,342 −14,629 −14,177 −14,709 −16,857 84 Australia, New Zealand, and South Africa 8 ...... 85 Australia ...... 5,024 4,831 1,245 1,263 1,643 1,137 1,272 1,150 1,272 1,176 1,337 1,670 1,107 1,209 1,226 1,289 86 Eastern Europe ...... 3,653 2,638 821 836 1,196 560 896 440 742 815 928 1,176 521 880 517 720 87 Latin America and Other Western Hemisphere ...... 6,200 3,154 1,731 1,135 1,580 1,204 921 236 793 1,108 1,930 1,922 570 302 1,147 1,135 88 Brazil ...... −1,867 −1,484 −554 −548 −238 −233 −373 −693 −185 −597 −499 −187 −292 −431 −620 −141 89 Mexico ...... 4,885 1,097 1,209 1,234 832 856 473 −19 −213 934 1,640 1,014 497 138 460 2 90 Venezuela ...... −2,865 −3,926 −430 −808 −1,127 −812 −1,027 −1,042 −1,045 −476 −748 −1,117 −849 −1,063 −983 −1,031 91 Other ...... 6,047 7,467 1,506 1,257 2,113 1,393 1,848 1,990 2,236 1,247 1,537 2,212 1,214 1,658 2,290 2,305 92 Other countries in Asia and Africa 78 ...... −54,033 −60,715 −11,997 −18,728 −12,929 −12,524 −14,257 −20,019 −13,915 −12,973 −17,486 −12,111 −13,935 −15,223 −18,451 −13,106 93 Asia 78 ...... −48,696 −54,143 −10,201 −17,078 −11,787 −10,953 −12,151 −18,075 −12,964 −10,881 −16,078 −11,028 −12,251 −13,070 −16,657 −12,165 94 Members of OPEC ...... −3,608 −3,552 −631 −1,504 −1,090 −1,089 −1,148 −1,330 15 −740 −1,373 −1,046 −1,179 −1,242 −1,195 64 95 China ...... −18,328 −22,810 −3,823 −6,223 −4,846 −4,213 −5,290 −7,229 −6,078 −3,899 −6,136 −4,671 −4,460 −5,426 −7,036 −5,888 96 Hong Kong ...... −772 282 −20 −534 −100 299 448 −310 −155 −84 −441 −42 213 362 −189 −104 97 Korea, Republic of ...... −2,806 −3,032 −617 −1,381 −827 −649 −780 −971 −632 −706 −1,209 −747 −821 −898 −760 −553 98 Singapore ...... −1,799 −1,600 −155 −686 −494 −86 −327 −630 −557 −235 −604 −410 −192 −435 −497 −476 99 Taiwan ...... −10,084 −9,742 −2,293 −3,336 −1,917 −2,194 −2,068 −3,121 −2,359 −2,396 −3,163 −1,779 −2,426 −2,217 −2,872 −2,227 100 Africa 78 ...... −5,656 −6,754 −1,963 −1,725 −1,171 −1,601 −2,195 −1,952 −1,006 −2,027 −1,571 −1,184 −1,711 −2,241 −1,810 −992 101 Members of OPEC ...... −6,177 −6,581 −1,891 −1,794 −1,568 −1,631 −2,063 −1,803 −1,084 −1,909 −1,766 −1,564 −1,665 −2,073 −1,764 −1,079 102 International organizations and unallocated ...... 89 224 88 1 ...... 224 88 1 ...... 224 Memoranda: 103 Industrial countries 7 ...... −51,264 −77,410 −11,569 −15,436 −18,595 −13,346 −18,134 −22,442 −23,488 −13,981 −12,579 −16,511 −16,451 −20,478 −18,975 −21,506 104 Members of OPEC 7 ...... −12,997 −14,059 −3,022 −4,216 −3,863 −3,597 −4,261 −4,130 −2,071 −3,205 −3,985 −3,798 −3,693 −4,378 −3,942 −2,046 105 Other countries 7 ...... −31,966 −41,233 −6,304 −12,899 −6,725 −7,228 −8,082 −15,380 −10,543 −7,703 −11,049 −5,653 −9,181 −9,542 −13,055 −9,455

See footnotes on page 79.  March      •

Table 2.ÐU.S. Merchandise TradeÐContinued [Millions of dollars]

Not seasonally adjusted Seasonally adjusted Line 1992 1993 p 1992 1993 1992 1993 II III IV I II III r IV p II III IV I r II r III r IV p

C Merchandise trade, by principal end−use category, adjusted to balance of payments basis, excluding military: 1 Merchandise exports, balance of payments basis, excluding military (A−8) ...... 440,138 456,766 110,864 105,626 114,418 112,023 115,811 108,147 120,785 108,306 109,493 113,992 111,480 113,067 111,935 120,284 2 Agricultural products ...... 44,033 43,505 10,358 9,926 12,180 11,522 10,393 9,471 12,119 10,653 11,163 11,380 10,828 10,756 10,585 11,336 3 Nonagricultural products ...... 396,105 413,261 100,506 95,700 102,238 100,501 105,418 98,676 108,666 97,653 98,330 102,612 100,652 102,311 101,350 108,948 4 Foods, feeds, and beverages ...... 40,275 40,489 9,273 9,766 10,862 10,608 9,522 9,280 11,079 9,562 10,219 10,473 10,209 9,885 9,721 10,674 5 Agricultural ...... 35,869 36,405 8,335 8,348 10,064 9,537 8,627 8,016 10,225 8,563 9,163 9,411 9,094 8,964 8,765 9,582 6 Grains and preparations ...... 14,872 14,319 3,534 3,490 4,047 3,898 3,502 3,063 3,856 3,563 3,627 4,002 3,780 3,536 3,187 3,816 7 Wheat ...... 4,647 4,867 967 1,117 1,305 1,332 1,227 1,099 1,209 967 1,117 1,305 1,332 1,227 1,099 1,209 8 Corn ...... 5,138 4,670 1,283 1,283 1,421 1,165 1,114 984 1,407 1,283 1,283 1,421 1,166 1,114 983 1,407 9 Soybeans ...... 4,452 4,637 705 825 1,541 1,651 779 692 1,515 928 1,339 1,195 1,218 1,092 1,134 1,193 10 Meat products and poultry ...... 4,477 4,561 1,080 1,143 1,188 990 1,180 1,156 1,235 1,095 1,150 1,122 1,027 1,200 1,165 1,169 11 Vegetables, fruits, nuts, and preparations ...... 6,405 6,669 1,639 1,446 1,718 1,521 1,724 1,551 1,873 1,591 1,613 1,552 1,556 1,684 1,737 1,692 12 Other agricultural foods, feeds, and beverages ...... 5,663 6,219 1,377 1,444 1,570 1,477 1,442 1,554 1,746 1,386 1,434 1,540 1,513 1,452 1,542 1,712 13 Nonagricultural (fish, distilled beverages, etc.) ...... 4,406 4,084 938 1,418 798 1,071 895 1,264 854 999 1,056 1,062 1,115 921 956 1,092 14 Fish and shellfish ...... 3,610 3,200 756 1,205 606 866 670 1,030 634 817 843 870 910 696 723 871 15 Industrial supplies and materials ...... 109,757 112,062 27,956 26,843 27,736 27,447 28,328 27,230 29,057 27,261 27,512 28,033 27,288 27,568 27,837 29,369 16 Agricultural ...... 7,941 6,856 1,960 1,536 2,065 1,915 1,697 1,403 1,841 2,039 1,941 1,910 1,678 1,736 1,750 1,692 17 Raw cotton ...... 2,014 1,539 556 274 386 487 395 272 385 569 472 406 322 379 449 389 18 Tobacco, unmanufactured ...... 1,641 1,299 473 278 460 352 393 234 320 425 444 377 335 341 372 251 19 Hides and skins, including furskins ...... 1,366 1,297 337 347 310 330 331 327 309 339 359 326 303 333 336 325 20 Other agricultural industrial supplies ...... 2,920 2,721 594 637 909 746 578 570 827 706 666 801 718 683 593 727 21 Nonagricultural ...... 101,816 105,206 25,996 25,307 25,671 25,532 26,631 25,827 27,216 25,222 25,571 26,123 25,610 25,832 26,087 27,677 22 Energy products ...... 13,682 11,875 3,499 3,466 3,406 3,079 3,179 2,682 2,935 3,457 3,396 3,383 3,176 3,151 2,631 2,917 23 Fuels and lubricants 9 ...... 13,579 11,774 3,479 3,443 3,386 3,052 3,145 2,657 2,920 3,437 3,373 3,362 3,149 3,116 2,607 2,902 24 Coal and related fuels ...... 4,924 3,640 1,292 1,244 1,164 926 971 893 850 1,249 1,174 1,141 1,024 942 842 832 25 Petroleum and products ...... 6,939 6,705 1,713 1,760 1,864 1,644 1,792 1,509 1,760 1,713 1,760 1,864 1,644 1,792 1,509 1,760 26 Paper and paper base stocks ...... 9,338 8,516 2,364 2,394 2,276 2,223 2,146 2,057 2,090 2,293 2,394 2,362 2,212 2,083 2,053 2,168 27 Textile supplies and related materials ...... 6,753 7,084 1,743 1,656 1,671 1,744 1,828 1,731 1,781 1,669 1,706 1,698 1,739 1,751 1,779 1,815 28 Chemicals, excluding medicinals ...... 30,644 30,987 8,188 7,493 7,324 7,703 7,880 7,614 7,790 7,889 7,691 7,583 7,590 7,566 7,785 8,046 29 Building materials, except metals ...... 8,098 8,755 2,056 2,074 2,046 2,149 2,429 2,102 2,075 1,966 2,121 2,054 2,184 2,327 2,155 2,089 30 Other nonmetals ...... 10,269 10,693 2,619 2,576 2,545 2,615 2,734 2,695 2,649 2,542 2,592 2,604 2,620 2,653 2,711 2,709 31 Metals and nonmetallic products ...... 23,032 27,296 5,527 5,648 6,403 6,019 6,435 6,946 7,896 5,406 5,671 6,439 6,089 6,301 6,973 7,933 32 Steelmaking materials ...... 1,625 1,780 411 445 410 340 463 491 486 348 451 418 390 395 498 497 33 Iron and steel products ...... 4,021 3,922 1,036 976 978 1,013 1,006 957 946 1,036 976 978 1,013 1,006 957 946 34 Nonferrous metals ...... 11,047 14,685 2,399 2,614 3,463 3,062 3,224 3,723 4,676 2,399 2,614 3,463 3,061 3,223 3,724 4,677 35 Nonmonetary gold ...... 4,540 9,133 880 902 1,809 1,592 1,885 2,313 3,343 880 902 1,809 1,592 1,885 2,313 3,343 36 Other precious metals ...... 902 891 210 231 213 229 225 214 223 210 231 213 229 225 214 223 37 Other nonferrous metals ...... 5,605 4,661 1,309 1,481 1,441 1,241 1,114 1,196 1,110 1,309 1,481 1,441 1,240 1,113 1,197 1,111 38 Other metals and nonmetallic products ...... 6,339 6,909 1,681 1,613 1,552 1,604 1,742 1,775 1,788 1,623 1,630 1,580 1,625 1,677 1,794 1,813 39 Capital goods, except automotive ...... 176,864 183,386 44,295 42,333 45,808 44,575 46,414 43,518 48,879 43,744 43,319 45,503 44,459 45,818 44,639 48,470 40 Machinery, except consumer−type ...... 137,395 149,105 34,411 33,707 35,901 35,909 36,895 36,494 39,807 33,869 34,586 35,719 35,767 36,307 37,513 39,518 41 Electric generating machinery, electric apparatus, and parts ... 14,230 15,587 3,491 3,488 3,664 3,737 3,911 3,897 4,042 3,420 3,565 3,657 3,726 3,836 3,987 4,038 42 Nonelectric, including parts and attachments ...... 123,165 133,518 30,920 30,219 32,237 32,172 32,984 32,597 35,765 30,449 31,021 32,062 32,041 32,471 33,526 35,480 43 Oil drilling, mining, and construction machinery ...... 10,056 9,828 2,639 2,586 2,427 2,473 2,479 2,408 2,468 2,567 2,618 2,466 2,477 2,406 2,461 2,484 44 Industrial engines, pumps, and compressors ...... 8,298 9,335 2,150 1,969 2,218 2,385 2,321 2,156 2,473 2,150 1,969 2,218 2,385 2,321 2,156 2,473 45 Machine tools and metalworking machinery ...... 3,488 3,728 855 908 886 856 920 950 1,002 828 932 883 860 893 979 996 46 Measuring, testing, and control instruments ...... 6,274 6,936 1,593 1,527 1,597 1,670 1,769 1,690 1,807 1,563 1,571 1,578 1,672 1,740 1,742 1,782 47 Other industrial, agricultural, and service industry machinery ...... 26,236 28,643 6,738 6,454 6,589 6,813 7,338 7,100 7,392 6,472 6,627 6,647 6,836 7,052 7,290 7,465 48 Computers, peripherals, and parts ...... 28,762 29,320 7,108 6,826 7,790 7,325 6,964 6,963 8,068 7,169 7,205 7,504 7,214 7,020 7,399 7,687 49 Semiconductors ...... 15,987 19,116 3,842 4,082 4,299 4,457 4,625 4,937 5,097 3,743 4,099 4,355 4,491 4,509 4,964 5,152 50 Telecommunications equipment ...... 11,684 13,831 2,861 2,885 3,263 2,980 3,338 3,328 4,185 2,861 2,885 3,263 2,980 3,338 3,328 4,185 51 Other office and business machines ...... 2,580 2,380 681 619 664 596 585 570 629 673 637 652 598 577 588 617 52 Scientific, hospital, and medical equipment and parts ...... 9,800 10,401 2,453 2,363 2,504 2,617 2,645 2,495 2,644 2,423 2,478 2,496 2,528 2,615 2,619 2,639 53 Civilian aircraft, engines, parts ...... 37,724 32,764 9,432 8,236 9,386 8,246 9,114 6,667 8,737 9,423 8,343 9,263 8,272 9,106 6,769 8,617 54 Civilian aircraft, complete, all types ...... 24,451 20,163 6,092 4,903 6,070 5,105 5,910 3,617 5,531 6,092 4,903 6,070 5,105 5,910 3,617 5,531 55 Other transportation equipment ...... 1,745 1,517 452 390 521 420 405 357 335 452 390 521 420 405 357 335 56 Automotive vehicles, engines, and parts ...... 47,079 51,690 12,764 10,552 12,820 12,766 14,165 10,862 13,897 11,610 11,954 12,735 12,824 12,853 12,103 13,910 57 To Canada ...... 23,849 27,367 6,766 5,250 6,257 6,624 7,736 5,751 7,256 5,956 6,061 6,397 6,626 6,812 6,516 7,413 58 Passenger cars, new and used ...... 6,087 6,435 1,825 1,288 1,700 1,451 2,016 1,059 1,909 1,527 1,593 1,681 1,555 1,688 1,307 1,885 59 Trucks, buses, and special purpose vehicles ...... 2,600 3,267 762 576 687 652 806 735 1,074 650 669 698 667 674 845 1,081 60 Engines and engine parts ...... 3,386 4,022 941 755 890 1,025 1,107 914 976 837 832 930 1,025 983 994 1,020 61 Other parts and accessories ...... 11,776 13,643 3,238 2,631 2,980 3,496 3,807 3,043 3,297 2,942 2,967 3,088 3,379 3,467 3,370 3,427 62 To other areas ...... 23,230 24,323 5,998 5,302 6,563 6,142 6,429 5,111 6,641 5,654 5,893 6,338 6,198 6,041 5,587 6,497 63 Passenger cars, new and used ...... 8,179 8,127 1,989 1,618 2,605 2,161 2,233 1,481 2,252 1,815 2,218 2,282 2,075 2,045 2,011 1,996 64 Trucks, buses, and special purpose vehicles ...... 2,951 2,512 885 672 815 626 732 503 651 886 676 813 630 731 500 651 65 Engines and engine parts ...... 2,460 2,783 659 617 613 661 740 644 738 621 615 633 689 696 635 763 66 Other parts and accessories ...... 9,640 10,901 2,465 2,395 2,530 2,694 2,724 2,483 3,000 2,332 2,384 2,610 2,804 2,569 2,441 3,087

67 Consumer goods (nonfood), except automotive ...... 50,381 53,498 12,602 12,439 13,238 12,854 13,396 13,239 14,009 12,248 12,741 13,319 12,865 13,049 13,556 14,028 68 Consumer nondurable goods, manufactured ...... 24,564 25,960 6,016 6,295 6,576 6,176 6,348 6,584 6,852 5,889 6,320 6,636 6,246 6,208 6,613 6,893 69 Medical, dental, and pharmaceutical preparations, including vitamins ...... 6,249 6,620 1,622 1,566 1,515 1,635 1,661 1,647 1,677 1,561 1,599 1,567 1,597 1,601 1,684 1,738 70 Consumer durable goods, manufactured ...... 23,962 25,451 6,139 5,695 6,187 6,157 6,499 6,185 6,610 5,925 5,956 6,200 6,111 6,307 6,454 6,579 71 Household and kitchen appliances and other household goods ...... 9,512 10,091 2,440 2,258 2,450 2,452 2,572 2,440 2,627 2,336 2,382 2,489 2,401 2,459 2,582 2,649 72 Unmanufactured consumer goods (gem stones, nursery stock) .. 1,855 2,087 447 449 475 521 549 470 547 434 465 483 508 534 489 556 73 Exports, n.e.c ...... 15,782 15,641 3,974 3,693 3,954 3,773 3,986 4,018 3,864 3,881 3,748 3,929 3,835 3,894 4,079 3,833

See footnotes on page 79.     March   •

Table 2.ÐU.S. Merchandise TradeÐContinued [Millions of dollars]

Not seasonally adjusted Seasonally adjusted Line 1992 1993 p 1992 1993 1992 1993 II III IV I II III r IV p II III IV I r II r III r IV p

C Merchandise trade, by principal end−use category, adjusted to balance of payments basis, excluding militaryÐContinued: 74 Merchandise imports, balance of payments basis, excluding military (A−16) ...... 536,276 589,244 131,671 138,176 143,601 136,194 146,288 150,099 156,663 133,107 137,105 139,954 140,805 147,465 147,907 153,067 75 Petroleum and products ...... 51,589 51,584 13,022 14,372 13,782 12,595 14,264 12,634 12,091 13,105 14,298 13,713 12,750 14,309 12,529 11,996 76 Nonpetroleum products ...... 484,687 537,660 118,649 123,804 129,819 123,599 132,024 137,465 144,572 120,002 122,807 126,241 128,055 133,156 135,378 141,071 77 Foods, feeds, and beverages ...... 27,857 28,054 7,246 6,752 7,138 6,780 6,938 6,836 7,500 7,187 7,024 6,891 6,845 6,878 7,078 7,253 78 Agricultural ...... 19,986 20,013 5,240 4,662 5,046 5,104 5,002 4,724 5,183 5,155 4,941 4,979 4,964 4,928 5,017 5,104 79 Coffee, cocoa, and sugar ...... 2,669 2,430 691 621 524 701 586 561 582 691 621 524 701 586 561 582 80 Green coffee ...... 1,563 1,382 378 327 336 413 308 306 355 378 327 336 413 308 306 355 81 Meat products and poultry ...... 4,000 4,190 1,055 901 1,046 1,072 1,049 1,041 1,028 1,055 901 1,046 1,072 1,049 1,041 1,028 82 Vegetables, fruits, nuts, and preparations ...... 5,628 5,595 1,541 1,109 1,383 1,698 1,465 1,153 1,279 1,429 1,415 1,460 1,403 1,363 1,468 1,361 83 Wine and related products ...... 1,983 1,946 558 534 523 370 510 497 569 542 527 460 455 496 497 498 84 Other agricultural foods, feeds, and beverages ...... 5,708 5,853 1,396 1,497 1,571 1,263 1,392 1,472 1,726 1,439 1,477 1,489 1,334 1,435 1,450 1,634 85 Nonagricultural (fish, distilled beverages, etc) ...... 7,871 8,041 2,006 2,090 2,092 1,676 1,936 2,112 2,317 2,032 2,083 1,912 1,881 1,950 2,061 2,149 86 Fish and shellfish ...... 5,670 5,905 1,407 1,449 1,542 1,288 1,420 1,503 1,694 1,392 1,425 1,473 1,419 1,392 1,457 1,637 87 Whiskey and other alcoholic beverages ...... 1,827 1,737 502 549 458 302 408 501 526 543 566 347 375 450 498 414 88 Industrial supplies and materials ...... 140,217 151,956 35,384 36,266 37,107 35,866 39,393 38,384 38,313 35,118 36,375 37,095 36,215 38,967 38,318 38,456 89 Agricultural ...... 4,304 4,380 1,126 1,015 1,033 1,177 1,180 1,016 1,007 1,121 1,024 1,038 1,169 1,175 1,025 1,011 90 Nonagricultural products ...... 135,913 147,576 34,258 35,251 36,074 34,689 38,213 37,368 37,306 33,997 35,351 36,057 35,046 37,792 37,293 37,445 91 Energy products ...... 56,812 57,189 14,199 15,665 15,262 13,994 15,550 14,033 13,612 14,331 15,753 15,075 14,031 15,650 14,101 13,407 92 Fuels and lubricants 9 ...... 56,138 56,442 14,057 15,465 15,079 13,834 15,405 13,816 13,387 14,189 15,553 14,892 13,871 15,505 13,883 13,183 93 Paper and paper base stocks ...... 8,232 8,320 2,017 2,091 2,184 2,124 2,151 2,050 1,995 2,024 2,089 2,166 2,140 2,160 2,046 1,974 94 Textile supplies and related materials ...... 6,872 7,561 1,762 1,738 1,700 1,781 1,993 1,931 1,856 1,731 1,729 1,714 1,825 1,952 1,909 1,875 95 Chemicals, excluding medicinals ...... 16,736 18,090 4,197 4,052 4,285 4,498 4,642 4,417 4,533 4,138 4,166 4,345 4,424 4,542 4,480 4,644 96 Building materials, except metals ...... 8,304 10,575 2,126 2,145 2,102 2,450 2,608 2,587 2,930 1,990 2,038 2,254 2,549 2,414 2,436 3,176 97 Other nonmetals ...... 8,487 9,337 2,120 2,192 2,254 2,125 2,323 2,450 2,439 2,075 2,205 2,256 2,183 2,260 2,427 2,467 98 Metals and nonmetallic products ...... 30,470 36,504 7,837 7,368 8,287 7,717 8,946 9,900 9,941 7,708 7,371 8,247 7,894 8,814 9,894 9,902 99 Steelmaking materials ...... 1,532 1,667 422 419 387 345 402 431 489 386 381 375 441 363 388 475 100 Iron and steel products ...... 10,915 11,775 2,784 2,703 2,803 2,513 2,828 3,050 3,384 2,721 2,733 2,764 2,577 2,769 3,083 3,346 101 Nonferrous metals ...... 13,540 18,284 3,464 3,100 4,001 3,727 4,525 5,224 4,808 3,464 3,101 4,000 3,727 4,526 5,224 4,807 102 Nonmonetary gold ...... 3,808 8,821 888 672 1,683 1,334 2,101 2,890 2,496 888 673 1,683 1,334 2,101 2,890 2,496 103 Other precious metals ...... 2,065 1,824 607 509 476 423 452 460 489 607 509 476 423 452 460 489 104 Bauxite and aluminum ...... 2,984 3,512 767 738 701 894 885 885 848 767 738 700 894 885 885 848 105 Other nonferrous metals ...... 4,683 4,127 1,202 1,181 1,141 1,076 1,087 989 975 1,202 1,181 1,141 1,076 1,088 989 974 106 Other metallic and nonmetallic products ...... 4,483 4,778 1,167 1,146 1,096 1,132 1,191 1,195 1,260 1,137 1,156 1,108 1,149 1,156 1,199 1,274 107 Capital goods, except automotive ...... 134,194 152,187 32,777 34,455 36,172 34,721 37,623 38,446 41,397 32,940 34,455 35,440 35,657 37,687 38,159 40,684 108 Machinery, except consumer−type ...... 120,494 139,870 29,200 31,081 32,610 31,787 34,395 35,627 38,061 29,363 31,081 31,878 32,723 34,459 35,340 37,348 109 Electric generating machinery, electric apparatus and parts .... 13,619 15,578 3,321 3,488 3,593 3,618 3,834 3,969 4,157 3,253 3,515 3,583 3,718 3,756 3,945 4,159 110 Nonelectric, including parts and attachments ...... 106,875 124,292 25,879 27,593 29,017 28,169 30,561 31,658 33,904 26,110 27,566 28,295 29,005 30,703 31,395 33,189 111 Oil drilling, mining, and construction machinery ...... 3,040 4,475 763 796 801 930 1,117 1,007 1,421 736 795 825 932 1,083 1,007 1,453 112 Industrial engines, pumps, and compressors ...... 5,232 5,905 1,285 1,317 1,396 1,421 1,499 1,471 1,514 1,266 1,336 1,416 1,413 1,476 1,479 1,537 113 Machine tools and metalworking machinery ...... 3,599 4,242 930 846 887 1,048 1,074 1,009 1,111 933 850 885 1,054 1,074 1,004 1,110 114 Measuring, testing, and control instruments ...... 3,166 3,460 766 802 857 813 872 850 925 789 816 817 827 896 856 881 115 Other industrial, agricultural, and service industry machinery ...... 23,158 25,778 5,780 5,777 6,156 5,926 6,625 6,452 6,775 5,712 5,923 6,091 5,965 6,532 6,572 6,709 116 Computers, peripherals, and parts ...... 31,808 38,182 7,506 8,463 9,080 8,537 9,127 9,935 10,583 7,708 8,397 8,643 8,974 9,314 9,765 10,129 117 Semiconductors ...... 15,476 19,491 3,801 3,966 4,091 4,387 4,758 4,986 5,360 3,723 3,919 4,168 4,487 4,639 4,882 5,483 118 Telecommunications equipment ...... 10,649 11,102 2,482 2,845 2,887 2,470 2,688 2,916 3,028 2,602 2,772 2,704 2,628 2,815 2,837 2,822 119 Other office and business machines ...... 4,901 5,411 1,192 1,266 1,269 1,201 1,283 1,444 1,483 1,231 1,265 1,220 1,223 1,319 1,443 1,426 120 Scientific, hospital, and medical equipment and parts ...... 5,846 6,246 1,374 1,515 1,593 1,436 1,518 1,588 1,704 1,410 1,493 1,526 1,502 1,555 1,550 1,639 121 Transportation equipment, except automotive ...... 13,700 12,317 3,577 3,374 3,562 2,934 3,228 2,819 3,336 3,577 3,374 3,562 2,934 3,228 2,819 3,336 122 Civilian aircraft, engines, parts ...... 12,594 11,236 3,321 3,072 3,246 2,637 2,940 2,625 3,034 3,321 3,072 3,246 2,637 2,940 2,625 3,034 123 Civilian aircraft, complete, all types ...... 3,806 3,712 1,116 901 1,055 709 1,001 857 1,145 1,116 901 1,055 709 1,001 857 1,145 124 Automotive vehicles, engines, and parts ...... 91,779 102,441 23,122 21,270 25,235 24,769 26,022 23,442 28,208 22,792 22,939 23,766 25,131 25,538 25,047 26,725 125 From Canada ...... 31,696 37,314 8,688 7,052 8,363 8,945 10,146 8,304 9,919 7,895 7,889 8,074 9,228 9,251 9,277 9,558 126 Passenger cars, new and used ...... 14,403 18,269 4,030 3,214 3,799 4,137 4,917 4,210 5,005 3,571 3,736 3,605 4,299 4,373 4,871 4,726 127 Trucks, buses, and special purpose vehicles ...... 8,274 8,743 2,207 1,811 2,151 2,254 2,451 1,858 2,180 2,072 1,985 2,046 2,318 2,330 2,027 2,068 128 Engines and engine parts ...... 1,564 1,909 448 364 406 439 520 417 533 397 398 412 455 458 449 547 129 Other parts and accessories ...... 7,455 8,393 2,003 1,663 2,007 2,115 2,258 1,819 2,201 1,855 1,770 2,011 2,156 2,090 1,930 2,217 130 From other areas ...... 60,083 65,127 14,434 14,218 16,872 15,824 15,876 15,138 18,289 14,897 15,050 15,692 15,903 16,287 15,770 17,167 131 Passenger cars, new and used ...... 32,630 34,015 7,640 7,394 9,559 8,285 8,055 7,661 10,014 8,177 8,106 8,500 8,170 8,607 8,279 8,959 132 Trucks, buses, and special purpose vehicles ...... 2,378 2,477 545 553 684 659 655 553 610 581 557 631 677 693 542 565 133 Engines and engine parts ...... 5,502 6,522 1,334 1,339 1,537 1,518 1,617 1,563 1,824 1,313 1,366 1,517 1,555 1,581 1,571 1,815 134 Other parts and accessories ...... 19,573 22,113 4,915 4,932 5,092 5,362 5,549 5,361 5,841 4,826 5,021 5,044 5,501 5,406 5,378 5,828 135 Consumer goods (nonfood), except automotive ...... 122,974 134,383 28,397 34,802 32,809 29,343 31,156 38,110 35,774 30,325 31,681 31,623 32,242 33,237 34,425 34,479 136 Consumer nondurable goods, manufactured ...... 58,518 63,379 13,451 16,866 14,931 14,227 15,045 18,398 15,709 14,337 15,059 15,177 15,118 15,979 16,350 15,932 137 Textile apparel and household goods, except rugs ...... 29,296 31,674 6,520 8,903 7,256 7,150 7,291 9,599 7,634 7,207 7,650 7,498 7,587 8,014 8,210 7,863 138 Footwear of leather, rubber, and other materials ...... 7,294 8,409 1,664 2,110 1,818 1,872 2,032 2,478 2,027 1,763 1,892 1,878 1,960 2,155 2,209 2,085 139 Consumer durable goods, manufactured ...... 58,390 63,937 13,499 16,218 16,347 13,239 14,574 17,896 18,228 14,471 15,018 14,850 15,271 15,649 16,381 16,636 140 Household and kitchen appliances and other household goods ...... 21,021 22,538 5,157 5,835 5,384 4,838 5,553 6,241 5,906 5,258 5,444 5,295 5,297 5,660 5,757 5,824 141 Toys, shooting, and sporting goods, including bicycles ...... 11,352 12,446 2,440 3,205 3,460 2,413 2,591 3,730 3,712 2,734 2,843 2,996 3,053 2,916 3,282 3,195 142 Television and video receivers ...... 7,459 8,249 1,669 2,083 2,160 1,576 1,829 2,337 2,507 1,858 1,957 1,826 1,897 2,045 2,156 2,151 143 Radio and stereo equipment, including records, tapes, and disks ...... 6,810 7,089 1,549 1,993 1,869 1,347 1,618 2,021 2,103 1,676 1,796 1,661 1,646 1,755 1,786 1,902 144 Unmanufactured consumer goods (gemstones, nursery stock) .... 6,066 7,067 1,447 1,718 1,531 1,877 1,537 1,816 1,837 1,517 1,604 1,596 1,853 1,609 1,694 1,911 145 Imports, n.e.c., and U.S. goods returned ...... 19,255 20,223 4,745 4,631 5,140 4,715 5,156 4,881 5,471 4,745 4,631 5,139 4,715 5,158 4,880 5,470 146 U.S. goods returned ...... 11,790 12,418 2,804 2,809 3,275 2,894 3,135 2,977 3,412 2,804 2,809 3,275 2,894 3,136 2,976 3,412 147 Other products, including balance of payments adjustments not included above (minimum value shipments and miscellaneous imports) ...... 7,465 7,805 1,941 1,822 1,865 1,821 2,021 1,904 2,059 1,941 1,822 1,864 1,821 2,022 1,904 2,058

See footnotes on page 79.  March      •

Table 3.ÐSelected Service Transactions [Millions of dollars]

Not seasonally adjusted Seasonally adjusted Line 1992 1993 p 1992 1993 1992 1993 I II III IV I II III r IV p I II III IV I r II r III r IV p

1 Exports of private services ...... 167,826 174,706 40,435 40,416 45,352 41,622 41,950 42,389 47,171 43,197 41,644 41,488 42,351 42,344 43,254 43,570 43,842 44,043 2 Travel (table 1, line 5) ...... 53,861 56,501 12,128 13,446 15,839 12,448 12,384 14,093 16,973 13,051 13,482 13,513 13,405 13,460 13,898 14,186 14,285 14,132 3 Passenger fares (table 1, line 6) ...... 17,353 17,849 3,989 4,133 5,165 4,066 4,022 4,404 5,360 4,064 4,378 4,243 4,327 4,405 4,445 4,530 4,475 4,399 4 Other transportation (table 1, line 7) ...... 22,773 23,508 5,566 5,668 5,788 5,751 5,732 5,839 5,856 6,081 5,683 5,718 5,696 5,677 5,856 5,894 5,760 5,999 5 Freight ...... 7,251 7,545 1,841 1,820 1,825 1,764 1,861 1,893 1,853 1,939 1,841 1,820 1,825 1,764 1,861 1,893 1,853 1,939 6 Port services ...... 14,410 14,809 3,443 3,570 3,686 3,712 3,580 3,661 3,717 3,851 3,559 3,619 3,595 3,638 3,704 3,716 3,621 3,769 7 Other ...... 1,112 1,154 283 278 276 275 291 286 287 290 283 278 276 275 291 286 287 290 8 Royalties and license fees (table 1, line 8) .... 20,238 20,414 4,787 4,893 5,026 5,532 4,697 5,095 4952 5,670 5,008 5,002 5,252 4,976 4,898 5,223 5,174 5,119 9 Affiliated, ...... 16,106 15,888 3,798 3,875 3,979 4,454 3,591 3,967 3,809 4,520 4,019 3,984 4,205 3,898 3,792 4,095 4,032 3,969 10 U.S. parents' receipts ...... 15,387 15,075 3,626 3,747 3,800 4,214 3,424 3,749 3,644 4,258 3,843 3,836 3,999 3,709 3,625 3,842 3,843 3,766 11 U.S. affiliates' receipts ...... 719 813 172 128 179 240 167 218 165 262 176 148 206 189 167 253 189 203 12 Unaffiliated ...... 4,132 4,526 989 1,018 1,047 1,078 1,106 1,128 1,142 1,150 989 1,018 1,047 1,078 1,106 1,128 1,142 1,150 13 Industrial processes 1 ...... 2,597 2,800 630 642 655 670 686 698 706 710 630 642 655 670 686 698 706 710 14 Other 2 ...... 1,535 1,726 359 377 392 408 420 430 436 440 359 377 392 408 420 430 436 440 15 Other private services (table 1, line 9) ...... 53,601 56,434 13,965 12,276 13,534 13,825 15,115 12,958 14,030 14,331 13,093 13,012 13,671 13,826 14,156 13,737 14,148 14,394 16 Affiliated services, ...... 17,619 16,260 4,293 4,142 4,388 4,798 4,370 3,957 3,832 4,102 4,384 4,164 4,479 4,593 4,439 3,986 3,899 3,934 17 U.S. parents' receipts ...... 10,958 10,226 2,621 2,729 2,708 2,901 2,487 2,494 2,513 2,732 2,677 2,680 2,746 2,856 2,541 2,449 2,548 2,686 18 U.S. affiliates' receipts ...... 6,661 6,034 1,672 1,413 1,680 1,897 1,883 1,463 1,319 1,370 1,707 1,484 1,733 1,737 1,898 1,537 1,351 1,248 19 Unaffiliated services ...... 35,982 40,174 9,673 8,135 9,146 9,028 10,745 9,001 10,198 10,230 8,709 8,848 9,192 9,233 9,718 9,750 10,248 10,459 20 Education ...... 6,140 6,620 2,465 798 1,576 1,301 2,629 839 1,702 1,450 1,501 1,511 1,622 1,506 1,601 1,588 1,752 1,679 21 Financial services ...... 5,447 6,522 1,324 1,331 1,388 1,405 1,521 1,514 1,657 1,831 1,324 1,331 1,388 1,405 1,521 1,514 1,657 1,831 22 Insurance, net ...... 1,069 1,220 261 263 268 277 292 302 310 315 261 263 268 277 292 302 310 315 23 Premiums received ...... 5,523 6,000 1,325 1,363 1,400 1,435 1,470 1,495 1,512 1,523 1,325 1,363 1,400 1,435 1,470 1,495 1,512 1,523 24 Losses paid ...... 4,454 4,780 1,064 1,101 1,132 1,158 1,178 1,193 1,202 1,207 1,064 1,101 1,132 1,158 1,178 1,193 1,202 1,207 25 Telecommunications ...... 3,306 3,570 827 818 822 839 867 889 903 910 827 818 822 839 867 889 903 910 26 Business, professional, and technical services ...... 12,678 14,434 3,046 3,115 3,230 3,288 3,490 3,552 3,654 3,738 3,046 3,115 3,230 3,288 3,490 3,552 3,654 3,738 27 Other unaffiliated services 3 ...... 7,342 7,808 1,751 1,810 1,862 1,918 1,946 1,905 1,972 1,985 1,751 1,810 1,862 1,918 1,946 1,905 1,972 1,985 28 Imports of private services ...... 107,243 116,440 24,314 27,688 28,867 26,373 25,601 29,525 32,283 29,029 26,671 26,754 26,152 27,668 28,025 28,572 29,409 30,432 29 Travel (table 1, line 19) ...... 39,872 42,329 8,057 10,976 12,153 8,687 8,396 11,387 13,077 9,470 10,009 9,899 9,825 10,140 10,446 10,263 10,594 11,026 30 Passenger fares (table 1, line 20) ...... 10,943 11,256 2,370 2,821 3,118 2,634 2,404 2,895 3,190 2,767 2,714 2,674 2,722 2,833 2,760 2,743 2,790 2,963 31 Other transportation (table 1, line 21) ...... 23,454 24,511 5,722 5,618 6,161 5,953 5,847 6,092 6,311 6,261 5,809 5,700 5,999 5,945 5,930 6,184 6,144 6,254 32 Freight ...... 11,720 12,695 2,827 2,825 3,034 3,033 3,005 3,181 3,193 3,317 2,827 2,825 3,034 3,033 3,005 3,181 3,193 3,317 33 Port services ...... 10,761 10,831 2,638 2,551 2,902 2,669 2,600 2,666 2,871 2,694 2,731 2,636 2,729 2,664 2,689 2,759 2,692 2,691 34 Other ...... 974 985 257 242 225 250 243 246 246 250 251 239 236 248 236 244 258 247 35 Royalties and license fees (table 1, line 22) .. 4,986 4,748 1,316 1,078 1,478 1,113 1,070 1,174 1,252 1,251 1,334 1,101 1,464 1,088 1,088 1,201 1,232 1,227 36 Affiliated, ...... 3,233 3,491 782 797 834 820 766 861 934 930 800 820 819 795 784 888 914 905 37 U.S. parents' payments ...... 279 268 52 68 77 81 57 70 67 74 52 68 77 81 57 70 67 74 38 U.S. affiliates' payments ...... 2,954 3,223 730 729 757 739 709 791 867 856 748 752 742 714 727 818 847 831 39 Unaffiliated ...... 1,753 1,257 534 281 645 293 304 313 318 322 534 281 645 293 304 313 318 322 40 Industrial processes 1 ...... 863 950 210 212 217 224 231 237 240 242 210 212 217 224 231 237 240 242 41 Other 2 ...... 890 307 324 69 428 69 74 76 78 79 324 69 428 69 74 76 78 79 42 Other private services (table 1, line 23) ...... 27,988 33,595 6,849 7,195 5,957 7,986 7,884 7,977 8,453 9,281 6,805 7,380 6,142 7,662 7,801 8,182 8,649 8,963 43 Affiliated services, ...... 10,600 11,009 2,251 2,507 2,830 3,014 2,747 2,464 2,710 3,087 2,204 2,670 3,019 2,709 2,662 2,647 2,909 2,790 44 U.S. parents' payments ...... 5,529 5,329 1,185 1,358 1,397 1,590 1,091 1,291 1,351 1,595 1,228 1,418 1,436 1,448 1,136 1,351 1,390 1,451 45 U.S. affiliates' payments ...... 5,071 5,680 1,066 1,149 1,433 1,424 1,656 1,173 1,359 1,492 976 1,252 1,583 1,261 1,526 1,296 1,519 1,339 46 Unaffiliated services ...... 17,387 22,586 4,598 4,689 3,127 4,973 5,137 5,513 5,743 6,194 4,601 4,710 3,123 4,953 5,139 5,536 5,741 6,173 47 Education ...... 796 827 160 203 253 180 164 208 260 195 194 201 207 193 199 206 213 209 48 Financial services ...... 3,461 5,560 841 863 864 893 1,048 1,286 1,460 1,766 841 863 864 893 1,048 1,286 1,460 1,766 49 Insurance, net ...... 1,372 2,751 735 752 −890 775 682 687 690 692 735 752 −890 775 682 687 690 692 50 Premiums received ...... 11,875 12,520 2,898 2,945 2,993 3,039 3,088 3,124 3,148 3,160 2,898 2,945 2,993 3,039 3,088 3,124 3,148 3,160 51 Losses paid ...... 10,503 9,769 2,163 2,193 3,882 2,264 2,406 2,437 2,458 2,468 2,163 2,193 3,882 2,264 2,406 2,437 2,458 2,468 52 Telecommunications ...... 6,520 7,320 1,624 1,603 1,621 1,672 1,755 1,820 1,862 1,883 1,624 1,603 1,621 1,672 1,755 1,820 1,862 1,883 53 Business, professional, and technical services ...... 3,594 4,389 815 878 918 982 1,028 1,100 1,094 1,167 815 878 918 982 1,028 1,100 1,094 1,167 54 Other unaffiliated services 3 ...... 1,645 1,740 423 390 361 470 460 411 378 491 392 413 403 437 428 436 422 456 Memoranda: 55 Balance on merchandise trade (table1, line 64) ...... −96,138 −132,477 −13,598 −20,807 −32,550 −29,183 −24,171 −30,477 −41,952 −35,877 −17,763 −24,801 −27,612 −25,962 −29,325 −34,398 −35,972 −32,783 56 Balance on private services (line 1 minus line 28) ...... 60,584 58,266 16,121 12,730 16,484 15,248 16,348 12,863 14,888 14,167 14,974 14,734 16,200 14,676 15,228 14,998 14,433 13,611 57 Balance on goods and private services (lines 55 and 56) ...... −35,554 −74,210 2,523 −8,077 −16,066 −13,935 −7,823 −17,614 −27,064 −21,710 −2,789 −10,067 −11,413 −11,286 −14,097 −19,400 −21,539 −19,173

See footnotes on page 79.     March   •

Table 4.ÐSelected U.S. Government Transactions [Millions of dollars]

Not seasonally adjusted Line 1992 1993p 1992 1993 I II III IV I II III r IV p

A1 U.S. Government grants and transactions increasing Government assets, total ...... 21,893 20,435 4,419 4,599 4,448 8,428 4,514 3,864 5,133 6,924 By category 2 Grants, net (table 1, line 30, with sign reversed) ...... 14,688 14,438 2,788 3,234 2,783 5,883 3,242 2,730 3,029 5,437 3 Financing military purchases 1 ...... 6,084 4,607 1,225 1,624 663 2,572 656 721 810 2,420 4a Other grants ...... 9,890 9,831 2,017 2,416 2,121 3,336 2,586 2,009 2,220 3,016 4b Cash contributions received from coalition partners for Persian Gulf operations ...... −1,286 ...... −453 −807 ...... −25 ...... 5 Credits and other long-term assets (table 1, line 40, with sign reversed) ...... 7,140 5,642 1,548 1,232 1,890 2,470 940 727 1,536 2,438 6 Capital subscriptions and contributions to international financial institutions, excluding IMF ...... 1,419 1,132 314 298 381 426 223 269 247 393 7 Credits repayable in U.S. dollars ...... 5,179 3,987 1,108 809 1,361 1,902 594 325 1,148 1,919 8 Credits repayable in other than U.S. dollars ...... 28 5 2 −21117−7382 9 Other long-term assets ...... 515 518 125 128 137 125 131 130 133 125 10 Foreign currency holdings and short-term assets, net (table 1, line 42 with sign reversed) ...... 65 355 83 133 −225 75 332 407 568 −951 11 Foreign currency holdings (excluding administrative cash holdings), net ...... −44 −56 −14 −14 −14 −3 −15 4 −18 −27 Receipts from: 12 Sales of agricultural commodities ...... 1 (*) (*) 1 (*) (*) (*) (*) (*) (*) 13 Interest ...... 28 22 1355512262 14 Repayments of principal ...... 43 60 30383296169 15 Reverse grants ...... 16 Other sources 8 ...... 49 36 34 1113131716 Less currencies disbursed for: 17 Grants and credits in the recipient's currency ...... 1 8 1 (*) ...... (*)153 18 Other grants and credits ...... 19 Other U.S. Government expenditures 8 ...... 164 166 90 33 28 14 55 6 53 52 20 Assets acquired in performance of U.S. Government guarantee and insurance obligations, net ...... 198 294 174 154 −215 85 350 344 539 −939 21 Other assets held under Commodity Credit Corporation Charter Act, net ...... (*) (*) (*) (*) (*) (*) (*) (*) (*) (*) 22 Assets financing military sales contracts, net 2 ...... 23 Other short-term assets (including changes in administrative cash holdings), net ...... −88 117 −77 −73−7−4594715 By program 24 Capital subscriptions and contributions to international financial institutions, excluding IMF ...... 1,419 1,132 314 298 381 426 223 269 247 393 25 Under Agricultural Trade Development and Assistance Act and related programs ...... 1,584 2,386 389 323 444 428 861 277 364 884 26 Under Foreign Assistance Act and related programs ...... 15,126 12,997 3,042 3,676 2,542 5,865 2,236 2,394 3,368 4,999 27 Under Export-Import Bank Act ...... 2,422 561 618 511 387 907 59 163 247 92 28 Under Commodity Credit Corporation Charter Act ...... 963 1,324 233 206 299 226 349 354 547 74 29 Under other grant and credit programs ...... −49 1,445 −246 −524 265 455 672 214 193 367 30 Other foreign currency assets acquired (lines A13, A14, and A16) ...... 120 118 77 18 14 10 41 10 39 27 31 Less foreign currencies used by U.S. Government other than for grants or credits (line A19) ...... 164 166 90 33 28 14 55 6 53 52 32 Other (including changes in administrative cash holdings), net ...... 474 639 83 124 144 124 128 190 181 140 By disposition 3 33 Estimated transactions involving no direct dollar outflow from the United States ...... 15,977 14,567 3,661 3,677 3,042 5,597 3,007 2,581 3,727 5,253 34 Expenditures on U.S. merchandise ...... 6,365 6,492 972 1,755 981 2,658 1,123 771 1,128 3,471 35 Expenditures on U.S. services 4 ...... 3,485 3,652 829 734 912 1,009 665 706 1,172 1,109 36 Financing of military sales contracts by U.S. Government 5 (line C6) ...... 3,308 2,688 1,099 781 653 775 582 698 790 619 37 By long-term credits ...... 375 226 143 50 85 97 65 28 70 63 38 By short-term credits 1 ...... 39 By grants 1 ...... 2,932 2,462 957 731 568 677 517 670 719 556 40 U.S. Government grants and credits to repay prior U.S. Government credits 14 ...... 2,070 533 581 199 360 930 336 45 138 15 41 U.S. Government long- and short-term credits to repay prior U.S. private credits 6 and other assets ...... 968 1,674 279 227 213 249 361 376 584 353 42 Increase in liabilities associated with U.S. Government grants and transactions increasing Government assets (including changes in retained accounts) 7 (line C11) ...... (*) (*) (*) (*) (*) (*) (*) (*) (*) (*) 43 Less receipts on short-term U.S. Government assets (a) financing military sales contracts 1 (b) financing repayment of private credits and other assets, and (c) financing expenditures on U.S. merchandise ...... 54 307 9 −14 49 10 5 9 32 261 44 Less foreign currencies used by U.S. Government other than for grants or credits (line A19) ...... 164 166 90 33 28 14 55 6 53 52 45 Estimated dollar payments to foreign countries and international financial institutions ...... 5,916 5,868 758 922 1,406 2,830 1,507 1,283 1,407 1,671 B1 Repayments on U.S. Government long-term assets, total (table 1, line 41) ...... 5,596 5,891 1,286 1,002 1,430 1,878 1,807 859 1,924 1,301 2 Receipts of principal on U.S. Government credits ...... 5,076 5,344 1,156 872 1,301 1,746 1,667 722 1,790 1,165 3 Under Agricultural Trade Development and Assistance Act and related programs ...... 373 984 110 33 88 141 660 27 112 184 4 Under Foreign Assistance Act and related programs ...... 1,797 2,312 442 343 438 574 736 262 1,132 182 5 Under Export-Import Bank Act ...... 2,260 1,724 470 470 468 852 199 400 465 660 6 Under Commodity Credit Corporation Charter Act ...... 522 199 132 23 308 60 72 30 79 17 7 Under other credit programs ...... 124 126 1 3 (*) 119 (*) 3 2 121 8 Receipts on other long-term assets ...... 521 547 131 130 129 132 140 137 134 136 C1 U.S. Government liabilities other than securities, total, net increase (+) (table 1, line 53) ...... 2,542 1,890 58 678 864 943 −395 396 1,105 784 2 Associated with military sales contracts 2 ...... 2,476 1,988 18 647 898 913 −407 450 1,121 824 3 U.S. Government cash receipts from foreign governments (including prinipal repayments on credits financing military sales contracts), net of refunds. 1 ...... 11,722 11,050 2,177 3,090 2,947 3,508 1,968 2,445 2,977 3,660 4 Less U.S. Government receipts from principal repayments ...... 594 579 177 117 214 86 208 92 257 23 5 Less U.S. Treasury securities issued in connection with prepayments for military purchases in the United States ...... 946 −88 30 362 −208 761 −309 −348 −441 1,010 6 Plus financing of military sales contracts by U.S. Government 5 (line A36) ...... 3,307 2,688 1,099 781 653 775 582 698 790 619 7 By long-term credits ...... 375 226 143 50 85 97 65 28 70 63 8 By short-term credits 1 ...... 9 By grants 1 ...... 2,932 2,462 957 731 568 677 517 670 719 556 10 Less transfers of goods and services (including transfers financed by grants for military purchases, and by credits)/1 2/ (table 1, line 4) ...... 11,015 11,259 3,053 2,744 2,695 2,523 3,058 2,950 2,830 2,422 11 Associated with U.S. Government grants and transactions increasing Government assets (incuding changes in retained accounts) 7 (line A42) ...... (*) (*) (*) (*) (*) (*) (*) (*) (*) (*) 12 Associated with other liabilities ...... 66 −98 40 31 −35 30 12 −54 −16 −40 13 Sales of nuclear material by Department of Energy ...... 2 −38 10 −7 −6614−42 −9 −2 14 Sales of space launch and other services by National Aeronautics and Space Administration ...... 88 −13 28 31 5 24 4 10 −6 −22 15 Other sales and miscellaneous operations ...... −24 −4627−34 1 −6 −23 −1 −16

See footnotes on page 79.  March      •

Table 5.ÐDirect Investment: Income, Capital, Royalties and License Fees, and Other Private Services [Millions of dollars]

Not seasonally adjusted Seasonally adjusted Line (Credits +; debits −) 1992 1993 p 1992 1993 1992 1993 I II III IV I II III r IV p I II III IV I r II r III r IV p

U.S. direct investment abroad: 1 Income with current-cost adjustment, before deduction of withholding taxes (table 1, line 12) .. 49,888 55,815 13,484 13,222 11,500 11,682 13,205 14,336 13,535 14,739 13,037 13,193 12,455 11,202 12,696 14,338 14,546 14,236 2 Earnings ...... 48,583 54,366 13,202 12,914 11,117 11,350 12,841 13,994 13,160 14,372 12,755 12,885 12,073 10,869 12,332 13,996 14,170 13,869 3 Distributed earnings ...... 33,294 25,778 8,349 7,463 6,461 11,021 5,251 6,440 4,773 9,313 8,940 9,303 8,892 6,160 5,704 7,947 6,876 5,251 4 Reinvested earnings ...... 15,289 28,589 4,853 5,451 4,656 329 7,590 7,554 8,387 5,059 3,815 3,582 3,181 4,709 6,628 6,049 7,294 8,618 5 Interest ...... 1,305 1,448 282 308 382 333 364 342 376 367 282 308 382 333 364 342 376 367 6 U.S. parents' receipts ...... 4,153 3,833 1,033 999 1,080 1,040 922 927 993 990 1,033 999 1,080 1,040 922 927 993 990 7 U.S. parents' payments ...... −2,848 −2,384 −751 −691 −698 −708 −559 −586 −617 −623 −751 −691 −698 −708 −559 −586 −617 −623 8 Less: Current-cost adjustment ...... −2,331 −1,520 −728 −619 −524 −460 −426 −399 −367 −328 −728 −619 −524 −460 −426 −399 −367 −328 9 Less: Withholding taxes ...... 1,510 1,162 383 367 315 446 250 231 223 458 412 403 391 305 281 264 282 335 10 Equals: Income without current-cost adjustment, after deduction of withholding taxes 1 ...... 50,708 56,173 13,829 13,474 11,709 11,696 13,380 14,504 13,679 14,610 13,353 13,409 12,588 11,357 12,841 14,472 14,631 14,229 11 Petroleum ...... 7,941 8,182 1,886 1,731 2,097 2,227 2,071 2,065 1,920 2,127 1,629 2,097 2,291 1,924 1,761 2,522 2,076 1,823 12 Manufacturing ...... 20,251 20,328 6,072 5,901 4,143 4,135 4,953 5,637 4,852 4,886 5,853 5,470 4,829 4,099 4,724 5,148 5,648 4,808 13 Other ...... 22,517 27,662 5,872 5,843 5,469 5,334 6,356 6,803 6,907 7,597 5,872 5,843 5,469 5,334 6,356 6,803 6,907 7,597 14 Capital with current-cost adjustment (table 1, line 44) ...... −34,791 −50,244 −15,376 −8,803 −3,504 −7,108 −9,620 −13,411 −9,441 −17,771 −14,338 −6,934 −2,028 −11,489 −8,659 −11,906 −8,349 −21,330 15 Equity capital ...... −8,007 −12,332 −3,562 −1,791 −70 −2,584 −2,239 −4,928 −3,347 −1,818 −3,562 −1,791 −70 −2,584 −2,239 −4,928 −3,347 −1,818 16 Increases in equity capital 2 ...... −19,585 −18,679 −5,475 −3,377 −5,237 −5,497 −3,741 −5,868 −4,458 −4,613 −5,475 −3,377 −5,237 −5,497 −3,741 −5,868 −4,458 −4,613 17 Decreases in equity capital 3 ...... 11,579 6,348 1,914 1,586 5,167 2,913 1,502 940 1,111 2,795 1,914 1,586 5,167 2,913 1,502 940 1,111 2,795 18 Reinvested earnings ...... −15,289 −28,589 −4,853 −5,451 −4,656 −329 −7,590 −7,554 −8,387 −5,059 −3,815 −3,582 −3,181 −4,709 −6,628 −6,049 −7,294 −8,618 19 Intercompany debt ...... −11,495 −9,323 −6,962 −1,561 1,223 −4,195 208 −929 2,292 −10,894 −6,962 −1,561 1,223 −4,195 208 −929 2,292 −10,894 20 U.S. parents' receivables ...... −10,653 −10,829 −6,634 −4,124 −1,469 1,574 −2,246 −3,266 −9,303 3,986 −6,634 −4,124 −1,469 1,574 −2,246 −3,266 −9,303 3,986 21 U.S. parents' payables ...... −842 1,506 −328 2,563 2,692 −5,769 2,454 2,337 11,596 −14,880 −328 2,563 2,692 −5,769 2,454 2,337 11,596 −14,880 22 Less: Current-cost adjustment (line 8 with sign reversed) ...... 2,331 1,520 728 619 524 460 426 399 367 328 728 619 524 460 426 399 367 328 23 Equals: Capital without current-cost adjustment 1 ..... −37,122 −51,764 −16,104 −9,422 −4,028 −7,568 −10,046 −13,810 −9,808 −18,099 −15,066 −7,553 −2,552 −11,949 −9,085 −12,305 −8,716 −21,658 24 Equity capital (line 15) ...... −8,007 −12,332 −3,562 −1,791 −70 −2,584 −2,239 −4,928 −3,347 −1,818 −3,562 −1,791 −70 −2,584 −2,239 −4,928 −3,347 −1,818 25 Petroleum ...... 119 −291 275 163 −5 −313 144 −251 −49 −135 275 163 −5 −313 144 −251 −49 −135 26 Manufacturing ...... −4,184 −6,009 −1,406 −862 −1,000 −917 −1,317 −2,955 −1,773 36 −1,406 −862 −1,000 −917 −1,317 −2,955 −1,773 36 27 Other ...... −3,942 −6,032 −2,430 −1,092 935 −1,355 −1,066 −1,722 −1,525 −1,720 −2,430 −1,092 935 −1,355 −1,066 −1,722 −1,525 −1,720 28 Reinvested earnings without current-cost adjustment (line 18 less line 22) ...... −17,620 −30,109 −5,581 −6,070 −5,180 −789 −8,016 −7,953 −8,754 −5,387 −4,543 −4,201 −3,705 −5,169 −7,054 −6,448 −7,661 −8,946 29 Petroleum ...... 1,467 −2,686 1,175 149 −281 424 −852 −429 −963 −442 1,024 652 −12 −196 −804 −179 −950 −752 30 Manufacturing ...... −8,972 −11,450 −3,754 −3,481 −1,589 −149 −2,836 −3,723 −3,316 −1,575 −2,976 −2,415 −1,816 −1,763 −2,040 −2,721 −3,865 −2,825 31 Other ...... −10,115 −15,974 −3,002 −2,739 −3,311 −1,063 −4,328 −3,801 −4,475 −3,370 −2,591 −2,438 −1,877 −3,210 −4,210 −3,548 −2,847 −5,369 32 Intercompany debt (line 19) ...... −11,495 −9,323 −6,962 −1,561 1,223 −4,195 208 −929 2,292 −10,894 −6,962 −1,561 1,223 −4,195 208 −929 2,292 −10,894 33 Petroleum ...... −1,431 −1,869 −919 −250 −833 572 −188 −1,686 144 −139 −919 −250 −833 572 −188 −1,686 144 −139 34 Manufacturing ...... −2,627 −570 −8 −1,607 396 −1,409 −838 −294 923 −361 −8 −1,607 396 −1,409 −838 −294 923 −361 35 Other ...... −7,437 −6,884 −6,035 296 1,660 −3,358 1,234 1,050 1,226 −10,393 −6,035 296 1,660 −3,358 1,234 1,050 1,226 −10,393 36 Royalties and license fees, before deduction of withholding taxes, net ...... 15,109 14,808 3,574 3,678 3,723 4,133 3,367 3,679 3,577 4,185 3,791 3,767 3,922 3,628 3,568 3,771 3,775 3,692 37 U.S. parents' receipts (table 1, part of line 8) ...... 15,387 15,075 3,626 3,747 3,800 4,214 3,424 3,749 3,644 4,258 3,843 3,836 3,999 3,709 3,625 3,842 3,843 3,766 38 U.S. parents' payments (table 1, part of line 22) . −279 −268 −52 −68 −77 −81 −57 −70 −67 −74 −52 −68 −77 −81 −57 −70 −67 −74 39 Other private services, before deduction of withholding taxes, net ...... 5,429 4,897 1,436 1,371 1,311 1,311 1,395 1,203 1,162 1,136 1,449 1,262 1,310 1,408 1,405 1,098 1,158 1,235 40 U.S. parents' receipts (table 1, part of line 9) ...... 10,958 10,226 2,621 2,729 2,708 2,901 2,487 2,494 2,513 2,732 2,677 2,680 2,746 2,856 2,541 2,449 2,548 2,686 41 U.S. parents' payments (table 1, part of line 23) . −5,529 −5,329 −1,185 −1,358 −1,397 −1,590 −1,091 −1,291 −1,351 −1,595 −1,228 −1,418 −1,436 −1,448 −1,136 −1,351 −1,390 −1,451 Foreign direct investment in the United States: 42 Income with current-cost adjustment, before deduction of withholding taxes (table 1, line 26) .. −1,630 −9,837 2,005 −1,720 −1,259 −655 −795 −3,132 −2,602 −3,309 1,359 −1,296 −681 −1,011 −1,465 −2,704 −2,005 −3,664 43 Earnings ...... 5,663 −3,224 3,821 136 606 1,101 962 −1,689 −919 −1,578 3,175 560 1,183 746 292 −1,261 −322 −1,933 44 Distributed earnings ...... −6,920 −8,815 −1,807 −1,774 −1,364 −1,974 −2,309 −2,306 −2,011 −2,190 −1,863 −2,016 −1,524 −1,516 −2,321 −2,766 −2,101 −1,627 45 Reinvested earnings ...... 12,583 5,592 5,628 1,910 1,970 3,076 3,270 617 1,093 612 5,038 2,577 2,707 2,262 2,613 1,505 1,780 −306 46 Interest ...... −7,294 −6,613 −1,817 −1,856 −1,864 −1,757 −1,757 −1,443 −1,683 −1,731 −1,817 −1,856 −1,864 −1,757 −1,757 −1,443 −1,683 −1,731 47 U.S. affiliates' payments ...... −9,424 −12,084 −2,305 −2,363 −2,365 −2,390 −2,227 −2,775 −3,148 −3,934 −2,305 −2,363 −2,365 −2,390 −2,227 −2,775 −3,148 −3,934 48 U.S. affiliates' receipts ...... 2,130 5,471 488 507 501 633 470 1,333 1,465 2,203 488 507 501 633 470 1,333 1,465 2,203 49 Less: Current-cost adjustment ...... 1,010 113 375 294 209 132 72 32 8 1 375 294 209 132 72 32 8 1 50 Less: Withholding taxes ...... −169 −116 −33 −37 −47 −53 −90 −22 −95−33 −37 −47 −53 −90 −22 −95 51 Equals: Income without current-cost adjustment, after deduction of withholding taxes 1 ...... −2,471 −9,834 1,662 −1,977 −1,421 −734 −777 −3,141 −2,601 −3,315 1,016 −1,553 −844 −1,091 −1,447 −2,713 −2,004 −3,670 52 Petroleum ...... −787 −2,298 −624 −413 230 20 −106 −801 −856 −534 −624 −413 230 20 −106 −801 −856 −534 53 Manufacturing ...... −4,277 −5,115 −290 −978 −1,795 −1,214 −1,135 −1,710 −1,201 −1,069 −936 −554 −1,217 −1,571 −1,805 −1,282 −604 −1,424 54 Other ...... 2,594 −2,422 2,577 −586 144 460 465 −630 −545 −1,712 2,577 −586 144 460 465 −630 −545 −1,712 55 Capital with current-cost adjustment (table 1, line 57) ...... 2,378 31,519 −4,702 3,037 1,765 2,278 8,101 11,345 3,346 8,728 −4,113 2,370 1,028 3,092 8,758 10,456 2,659 9,646 56 Equity capital ...... 22,467 21,207 6,346 4,568 6,052 5,502 3,740 4,282 3,850 9,335 6,346 4,568 6,052 5,502 3,740 4,282 3,850 9,335 57 Increases in equity capital 2 ...... 27,005 25,112 7,224 5,609 7,287 6,885 4,509 4,803 4,926 10,875 7,224 5,609 7,287 6,885 4,509 4,803 4,926 10,875 58 Decreases in equity capital 3 ...... −4,538 −3,906 −879 −1,041 −1,235 −1,383 −768 −521 −1,076 −1,540 −879 −1,041 −1,235 −1,383 −768 −521 −1,076 −1,540 59 Reinvested earnings ...... −12,583 −5,592 −5,628 −1,910 −1,970 −3,076 −3,270 −617 −1,093 −612 −5,038 −2,577 −2,707 −2,262 −2,613 −1,505 −1,780 306 60 Intercompany debt ...... −7,506 15,905 −5,420 379 −2,317 −148 7,631 7,680 589 5 −5,420 379 −2,317 −148 7,631 7,680 589 5 61 U.S. affiliates' payables ...... −990 20,021 −4,456 1,398 2,948 −880 6,389 7,087 3,922 2,624 −4,456 1,398 2,948 −880 6,389 7,087 3,922 2,624 62 U.S. affiliates' receivables ...... −6,516 −4,117 −964 −1,018 −5,266 732 1,242 593 −3,333 −2,619 −964 −1,018 −5,266 732 1,242 593 −3,333 −2,619 63 Less: Current-cost adjustment (line 49 with sign reversed) ...... −1,010 −113 −375 −294 −209 −132 −72 −32 −8 −1 −375 −294 −209 −132 −72 −32 −8 −1 64 Equals: Capital without current-cost adjustment 1 ..... 3,387 31,632 −4,327 3,331 1,974 2,410 8,173 11,377 3,354 8,729 −3,738 2,664 1,237 3,224 8,830 10,488 2,667 9,647 65 Equity capital (line 56) ...... 22,467 21,207 6,346 4,568 6,052 5,502 3,740 4,282 3,850 9,335 6,346 4,568 6,052 5,502 3,740 4,282 3,850 9,335 66 Petroleum ...... 553 1,903 176 101 91 185 78 314 525 987 176 101 91 185 78 314 525 987 67 Manufacturing ...... 7,354 7,429 2,080 1,904 1,220 2,149 1,590 644 1,502 3,693 2,080 1,904 1,220 2,149 1,590 644 1,502 3,693 68 Other ...... 14,560 11,875 4,090 2,562 4,741 3,167 2,073 3,324 1,823 4,655 4,090 2,562 4,741 3,167 2,073 3,324 1,823 4,655 69 Reinvested earnings without current-cost adjustment (line 59 less line 63) ...... −11,573 −5,479 −5,253 −1,616 −1,761 −2,944 −3,198 −585 −1,085 −611 −4,663 −2,283 −2,498 −2,130 −2,541 −1,473 −1,772 307 70 Petroleum ...... 6 874 347 175 −364 −151 −315 610 255 324 347 175 −364 −151 −315 610 255 324 71 Manufacturing ...... −1,232 −924 −957 −253 420 −441 −304 89 −188 −520 −368 −920 −317 373 354 −800 −875 398 72 Other ...... −10,349 −5,429 −4,642 −1,537 −1,817 −2,352 −2,580 −1,283 −1,151 −415 −4,642 −1,537 −1,817 −2,352 −2,580 −1,283 −1,151 −415 73 Intercompany debt (line 60) ...... −7,506 15,905 −5,420 379 −2,317 −148 7,631 7,680 589 5 −5,420 379 −2,317 −148 7,631 7,680 589 5 74 Petroleum ...... −2,437 −2,314 −1,090 168 −1,013 −502 548 116 −2,105 −873 −1,090 168 −1,013 −502 548 116 −2,105 −873 75 Manufacturing ...... −2,083 3,342 −749 37 1,141 −2,512 2,380 2,051 253 −1,342 −749 37 1,141 −2,512 2,380 2,051 253 −1,342 76 Other ...... −2,986 14,877 −3,582 174 −2,445 2,866 4,703 5,513 2,441 2,220 −3,582 174 −2,445 2,866 4,703 5,513 2,441 2,220 77 Royalties and license fees, before deduction of withholding taxes, net ...... −2,235 −2,410 −558 −601 −578 −499 −542 −573 −701 −594 −572 −603 −536 −525 −560 −565 −658 −628 78 U.S. affiliates' payments (table 1, part of line 22) −2,954 −3,223 −730 −729 −757 −739 −709 −791 −867 −856 −748 −752 −742 −714 −727 −818 −847 −831 79 U.S. affiliates' receipts (table 1, part of line 8) ..... 719 813 172 128 179 240 167 218 165 262 176 148 206 189 167 253 189 203 80 Other private services, before deduction of withholding taxes, net ...... 1,590 354 605 264 247 473 227 290 −40 −122 731 232 150 476 372 241 −168 −91 81 U.S. affiliates' payments (table 1, part of line 23) −5,071 −5,680 −1,066 −1,149 −1,433 −1,424 −1,656 −1,173 −1,359 −1,492 −976 −1,252 −1,583 −1,261 −1,526 −1,296 −1,519 −1,339 82 U.S. affiliates' receipts (table 1, part of line 9) ..... 6,661 6,034 1,672 1,413 1,680 1,897 1,883 1,463 1,319 1,370 1,707 1,484 1,733 1,737 1,898 1,537 1,351 1,248

See footnotes on page 79.     March   •

Table 6.ÐSecurities Transactions [Millions of dollars]

Not seasonally adjusted Line (Credits +; debits −) 1992 1993p 1992 1993 I II III IV I II III r IV p

A1 Foreign securities, net U.S. purchases (−), (table 1, line 45 or lines 2 + 13 below) ...... −47,961 −125,377 −8,493 −8,276 −13,787 −17,405 −26,889 −24,098 −45,794 −28,596 2 Stocks, net U.S. purchases ...... −30,628 −64,907 −7,264 −2,791 −8,706 −11,867 −7,987 −13,493 −24,659 −18,768 3 New issues in the United States ...... −8,326 −13,679 −927 −2,417 −2,755 −2,227 −1,555 −2,405 −3,925 −5,794 4 Of which Western Europe ...... (D) −4,770 (D) −1,142 −2,347 −545 −282 −1,592 −977 −1,919 5 Canada ...... (D) −408 −100 ...... (D) −187 −37 −11 −253 −107 6 Latin America ...... (D) −2,854 −674 −1,059 −155 (D) −113 −267 −954 −1,520 7 Transactions in outstanding stocks, net ...... −22,302 −51,228 −6,337 −374 −5,951 −9,640 −6,432 −11,088 −20,734 −12,974 8 Western Europe ...... −12,986 −25,257 −2,664 862 −4,137 −7,047 −2,362 −6,570 −13,021 −3,304 9 Of which United Kingdom ...... −7,865 −14,079 −1,550 1,025 −2,452 −4,888 −1,403 −3,603 −7,637 −1,436 10 Canada ...... 683 −4,638 345 184 63 91 −1,212 −1,320 −863 −1,243 11 Japan ...... −3,967 −5,475 −1,530 −320 −1,573 −544 −1,527 −360 −1,356 −2,232 12 Other ...... −6,032 −15,858 −2,488 −1,100 −304 −2,140 −1,331 −2,838 −5,494 −6,195 13 Bonds, net U.S. purchases ...... −17,333 −60,470 −1,229 −5,485 −5,081 −5,538 −18,902 −10,605 −21,135 −9,828 14 New issues in the United States ...... −25,465 −46,106 −4,674 −5,361 −7,512 −7,918 −10,239 −12,343 −14,318 −9,206 By issuer: 15 Central governments and their agencies and corporations ...... −4,146 −9,576 −791 −288 −1,031 −2,036 −1,002 −2,443 −4,764 −1,367 16 Other governments and their agencies and corporations 1 ...... −6,724 −12,526 −1,706 −2,418 −1,631 −969 −5,097 −3,166 −3,067 −1,196 17 Private corporations ...... −12,634 −22,500 −1,722 −2,525 −3,970 −4,417 −2,836 −6,734 −6,487 −6,443 18 International financial institutions 2 ...... −1,961 −1,504 −455 −130 −880 −496 −1,304 ...... −200 By area: 19 Western Europe ...... −8,133 −14,902 −1,197 −1,566 −1,810 −3,560 −2,777 −3,392 −7,179 −1,554 20 Canada ...... −10,415 −14,146 −2,162 −3,404 −2,651 −2,198 −4,913 −4,449 −3,801 −983 21 Japan ...... −667 ...... −667 ...... 22 Latin America ...... −1,262 −5,334 ...... −339 −923 −200 −2,627 −273 −2,234 23 Other countries ...... −3,027 −10,220 −860 −261 −1,165 −741 −1,045 −1,875 −3,065 −4,235 24 International financial institutions 2 ...... −1,961 −1,504 −455 −130 −880 −496 −1,304 ...... −200 25 Redemptions of U.S.-held foreign bonds 3 ...... 6,491 7,086 1,483 1,539 1,841 1,628 965 2,451 1,409 2,261 26 Western Europe ...... 775 1,365 187 141 390 57 16 341 210 798 27 Canada ...... 3,214 4,124 864 655 731 964 700 1,647 749 1,028 28 Other countries ...... 1,708 1,132 361 120 620 607 99 263 335 435 29 International financial institutions 2 ...... 794 465 71 623 100 ...... 150 200 115 ...... 30 Other transactions in outstanding bonds, net 3 ...... 1,641 −21,450 1,962 −1,663 590 752 −9,628 −713 −8,226 −2,883 31 Western Europe ...... −11,910 −41,758 −3,314 −2,551 −1,170 −4,875 −10,317 −8,373 −17,572 −5,496 32 Of which United Kingdom ...... −16,955 −41,261 −2,493 −3,836 −1,306 −9,320 −7,859 −10,128 −18,070 −5,204 33 Canada ...... 281 719 721 125 −322 −243 −2,716 2,083 1,905 −553 34 Japan ...... 818 3,125 1,665 51 −2,507 1,609 −549 1,410 1,329 935 35 Other ...... 12,452 16,464 2,890 712 4,589 4,261 3,954 4,167 6,112 2,231 B1 U.S. securities, excluding Treasury securities and transactions of foreign official agencies, net foreign purchases (+), (table 1, line 59 or lines 2 + 10 below) ...... 30,274 79,612 4,613 10,453 2,730 12,478 9,394 15,025 17,257 37,936 2 Stocks, net foreign purchases ...... −4,370 18,236 −3,022 −1,358 −3,965 3,975 3,627 229 2,523 11,857 By area: 3 Western Europe ...... −5,275 9,724 −1,612 −1,688 −3,813 1,838 3,191 −979 776 6,736 4 Of which Germany ...... −91 1,610 −174 91 −158 150 282 234 381 713 5 Switzerland ...... 99 2,928 265 196 −404 42 1,047 495 448 938 6 United Kingdom ...... −3,453 3,918 −1,460 −1,060 −2,307 1,374 1,200 −1,689 236 4,171 7 Canada ...... 1,337 −3,346 888 708 −226 −33 −134 −598 −2,157 −457 8 Japan ...... −3,652 3,772 −3,327 −693 −236 604 −363 140 2,489 1,506 9 Other ...... 3,220 8,086 1,029 315 310 1,566 933 1,666 1,415 4,072 10 Corporate and other bonds, net foreign purchases ...... 34,644 61,376 7,635 11,811 6,695 8,503 5,767 14,796 14,734 26,079 By type: 11 New issues sold abroad by U.S. corporations ...... 23,413 33,669 6,077 7,077 5,480 4,779 5,672 10,349 8,056 9,592 12 U.S. federally-sponsored agency bonds, net ...... 14,314 32,056 2,712 4,976 525 6,101 1,152 7,878 8,320 14,706 13 Other outstanding bonds, net ...... −3,083 −4,349 −1,154 −242 690 −2,377 −1,057 −3,431 −1,642 1,781 By area: 14 Western Europe ...... 17,279 21,133 4,661 5,028 4,538 3,052 2,833 4,770 4,985 8,545 15 Of which Germany ...... 2,525 911 985 471 341 728 89 816 −627 633 16 Switzerland ...... −508 −624 313 −487 −158 −176 95 −514 −360 155 17 United Kingdom ...... 13,305 18,753 3,657 3,934 3,501 2,213 2,470 3,756 4,716 7,811 18 Canada ...... 143 1,611 −135 −119 18 379 −173 698 624 462 19 Japan ...... −401 11,981 −416 1,743 −2,532 804 844 2,791 2,813 5,533 20 Other countries ...... 17,145 27,180 3,467 4,881 4,713 4,084 2,826 6,598 6,260 11,496 21 International financial institutions 2 ...... 478 −529 58 278 −42 184 −563 −61 52 43 Memoranda: Other foreign transactions in marketable, long-term U.S. securities included elsewhere in international transactions accounts: Foreign official assets in the United States (lines in table 9): 1 U.S. Treasury marketable bonds (line A4) ...... 6,877 1,276 5,368 4,436 −4,558 1,631 −8,002 −1,475 −771 11,524 2 Other U.S. Government securities (line A6) ...... 3,949 4,091 464 1,699 912 874 710 1,082 1,345 954 3 U.S. corporate and other bonds (part of line A14) ...... 782 627 217 141 241 183 224 255 260 −112 4 U.S. stocks (part of line A14) ...... −1,470 1,958 −104 −216 −1,241 91 1,180 844 −76 10 5 Other foreign transactions in U.S. Treasury bonds and notes (table 9, line B4) ...... 31,882 21,848 926 8,513 3,004 19,439 13,137 −1,310 2,160 7,861

See footnotes on page 79.  March      •

Table 7.ÐClaims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns [Millions of dollars]

Not seasonally adjusted Amounts (Credits +; increase in U.S. liabilities or decrease in U.S. assets. outstand- Line − 1992 1992 1993 ing Debits ; decrease in U.S. liabilities or increase in U.S. assets.) Sept.30, I II III IV I II III p IV 1993

A1 Claims, total (table 1, line 46) ...... 4,551 5,339 1,294 −3,214 1,132 −4,774 443 2,982 n.a. 114,368 2 Financial claims ...... 4,502 5,004 1,678 −3,182 1,002 −2,809 592 1,981 n.a. 95,902 3 Denominated in U.S. dollars ...... 3,317 3,469 3,650 −4,284 482 −33 3,349 1,145 n.a. 70,126 4 Denominated in foreign currencies ...... 1,185 1,535 −1,972 1,102 520 −2,776 −2,757 836 n.a. 25,776 5 By type: Deposits 1 ...... 4,736 4,898 1,361 −2,932 1,409 −2,925 1,409 2,234 n.a. 92,339 6 Other claims 1 G52 ...... −234 106 317 −250 −407 116 −817 −253 n.a. 3,563 7 By area: Industrial countries 3 ...... 3,183 4,094 −324 −2,589 2,002 −3,121 1,231 4,445 n.a. 70,797 8 Of which: United Kingdom ...... 2,775 4,148 2,862 −3,912 −323 1,216 1,131 6,370 n.a. 35,254 9 Canada ...... 2,411 1,205 −491 −1,265 2,962 −1,008 2,296 43 n.a. 8,754 10 Caribbean banking centers 4 ...... 1,321 807 1,881 −724 −643 303 −45 −2,473 n.a. 23,109 11 Other ...... −2 103 121 131 −357 9 −594 9 n.a. 1,996 12 Commercial claims ...... 49 335 −384 −32 130 −1,965 −149 1,001 n.a. 18,466 13 Denominated in U.S. dollars ...... 214 254 −159 −159 278 −1,972 143 1,254 n.a. 16,974 14 Denominated in foreign currencies ...... −165 81 −225 127 −148 7 −292 −253 n.a. 1,492 15 By type: Trade receivables ...... −407 213 −490 204 −334 −2,190 157 1,495 n.a. 15,458 16 Advance payments and other claims ...... 456 122 106 −236 464 225 −306 −494 n.a. 3,008 17 By area: Industrial countries 3 ...... 563 108 −140 201 394 −1,202 −47 252 n.a. 11,824 18 Members of OPEC 5 ...... −105 30 −14 69 −190 −96 93 239 n.a. 961 19 Other ...... −409 197 −230 −302 −74 −667 −195 510 n.a. 5,681 B1 Liabilities, total (table 1, line 60) ...... 741 926 979 1,553 −2,717 2,057 1,361 4,069 n.a. 53,025 2 Financial liabilities ...... 120 362 −264 1,421 −1,399 627 1,148 1,753 n.a. 25,928 3 Denominated in U.S. dollars ...... −2,113 246 −1,280 −273 −806 409 −86 1,744 n.a. 18,178 4 Denominated in foreign currencies ...... 2,233 116 1,016 1,694 −593 218 1,234 9 n.a. 7,750 5 By area: Industrial countries 3 ...... 1,210 565 647 1,470 −1,472 678 1,051 2,395 n.a. 21,484 6 Of which: United Kingdom ...... 1,558 909 6 336 307 722 201 2,588 n.a. 11,583 7 Caribbean banking centers 4 ...... −905 −268 −776 −10 149 43 −219 −464 n.a. 3,119 8 Other ...... −185 65 −135 −39 −76 −94 316 −178 n.a. 1,325 9 Commercial liabilities ...... 621 564 1,243 132 −1,318 1,430 213 2,316 n.a. 27,097 10 Denominated in U.S. dollars ...... 843 760 1,022 −217 −722 1,102 21 1,948 n.a. 25,147 11 Denominated in foreign currencies ...... −222 −196 221 349 −596 328 192 368 n.a. 1,950 12 By type: Trade payables ...... 539 616 590 −107 −560 827 −253 −603 n.a. 9,080 13 Advance receipts and other liabilities ...... 82 −52 653 239 −758 603 466 2,919 n.a. 18,017 14 By area: Industrial countries 3 ...... −704 −413 222 238 −751 1,201 229 2,372 n.a. 16,887 15 Members of OPEC 5 ...... 478 120 466 −135 27 −111 198 −44 n.a. 2,547 16 Other ...... 847 857 555 29 −594 340 −214 −12 n.a. 7,663

See footnotes on page 79.     March   •

Table 8.ÐClaims on Foreigners Reported by U.S. Banks [Millions of dollars]

Not seasonally adjusted Amounts − p outstand- Line (Credits +; decrease in U.S. assets. Debits ; increase in U.S. assets.) 1992 1993 1992 1993 ing Dec. I II III IV I II III r IV p 31, 1993

1 Total (table 1, line 47) ...... 24,948 34,582 17,795 4,050 6,584 −3,481 28,055 5,317 8,487 −7,277 633,732

By type: 2 Banks' own claims ...... 28,966 16,690 13,696 3,594 12,111 −435 18,395 3,623 1,348 −6,676 543,025 3 Payable in dollars ...... 18,543 14,142 925 1,432 25,852 −9,666 19,683 −5,273 5,303 −5,571 482,804 By borrower: Claims on: 4 own foreign offices ...... 19,030 14,769 184 3,773 16,556 −1,483 6,978 −4,459 11,879 371 286,233 5 unaffiliated foreign banks ...... 6,680 11,434 1,968 2,597 6,257 −4,142 12,717 3,076 −2,128 −2,231 98,377 6 foreign public borrowers 1 ...... 5,691 2,262 353 762 4,465 111 −2,421 4,202 −2,522 3,003 28,937 7 other private foreigners ...... −12,858 −14,323 −1,580 −5,700 −1,426 −4,152 2,409 −8,092 −1,926 −6,714 69,257 By bank ownership: 2 U.S.-owned banks' claims on: 8 own foreign offices ...... 8,944 5,752 −8,961 1,970 23,029 −7,094 −374 −1,581 4,774 2,933 128,435 9 unaffiliated foreign banks ...... −6,038 405 −6,877 2,289 −2,052 602 2,049 −377 777 −2,044 36,168 10 other foreigners ...... −11,906 −13,728 −5,235 −3,342 2,596 −5,925 −1,298 −4,239 −6,552 −1,639 66,402 Foreign-owned banks' claims on: 11 own foreign offices ...... 10,086 9,017 9,145 1,803 −6,473 5,611 7,352 −2,878 7,105 −2,562 157,798 12 unaffiliated foreign banks ...... 12,718 11,029 8,845 308 8,309 −4,744 10,668 3,453 −2,905 −187 62,209 13 other foreigners ...... 4,739 1,667 4,008 −1,596 443 1,884 1,286 349 2,104 −2,072 31,792 14 Payable in foreign currencies ...... 10,423 2,548 12,771 2,162 −13,741 9,231 −1,288 8,896 −3,955 −1,105 60,221 15 Banks' domestic customers' claims ...... −4,018 17,892 4,099 456 −5,527 −3,046 9,660 1,694 7,139 −601 90,707 16 Payable in dollars ...... −2,984 16,605 3,663 1,869 −5,915 −2,601 7,853 2,303 6,545 −96 87,562 17 Deposits ...... −172 8,196 −2,268 450 1,750 −104 3,452 1,403 3,617 −276 9,619 18 Foreign commercial paper 3 ...... −5,672 1,113 2,147 −3,310 −2,582 −1,927 −248 −57 1,396 22 53,063 19 Other negotiable and readily transferable instruments 4 ...... 3,053 6,829 3,562 4,320 −4,211 −618 4,123 815 1,560 331 11,244 20 Outstanding collections and other ...... −193 467 222 409 −872 48 526 142 −28 −173 13,636 21 Payable in foreign currencies ...... −1,034 1,287 436 −1,413 388 −445 1,807 −609 594 −505 3,145 By area: 22 Industrial countries 5 ...... 1,369 34,037 29,758 −11,922 −21,497 5,030 15,969 5,968 10,566 1,534 315,905 23 Western Europe ...... −18,353 16,135 7,442 −20,089 −264 −5,442 13,229 −2,193 1,226 3,873 189,277 24 Of which United Kingdom ...... −6,640 13,799 4,006 −9,947 8,620 −9,319 8,636 1,141 2,479 1,543 89,366 25 Canada ...... −1,282 −4,654 164 −1,717 −1,475 1,746 −4,747 3,150 −1,351 −1,706 32,362 26 Japan ...... 20,629 22,717 22,320 9,976 −20,435 8,768 9,162 4,552 10,180 −1,177 83,301 27 Other ...... 375 −161 −168 −92 677 −42 −1,675 459 511 544 10,965 28 Caribbean banking centers 6 ...... 37,253 638 −5,367 15,387 30,278 −3,045 6,921 −1,625 −2,363 −2,295 183,147 29 Other areas ...... −13,674 −93 −6,596 585 −2,197 −5,466 5,165 974 284 −6,516 134,680 30 Of which Members of OPEC, included below 7 ...... −10,502 3,248 −3,660 −2,169 −769 −3,904 −759 1,230 3,475 −698 23,581 31 Latin America ...... −2,765 −4,642 −1,743 −572 174 −624 2,466 −1,375 −1,374 −4,359 61,227 32 Asia ...... −11,465 872 −4,338 952 −4,128 −3,951 359 1,298 1,693 −2,478 62,713 33 Africa ...... 460 16 142 125 183 10 338 −194 −254 126 3,727 34 Other 8 ...... 96 3,661 −657 80 1,574 −901 2,002 1,245 219 195 7,013 Memoranda: 1 International banking facilities' (IBF's) own claims, payable in dollars (lines 1±13 above) 3,438 37,179 5,483 9,003 −5,736 −5,312 25,001 −6,337 14,462 4,053 193,758 By borrower: Claims on: 2 own foreign offices ...... −10,560 18,788 −384 4,553 −14,857 128 11,158 −12,337 15,228 4,739 98,500 3 unaffiliated foreign banks ...... 9,462 15,267 5,243 2,938 7,947 −6,666 13,403 4,244 −1,200 −1,180 61,976 4 foreign public borrowers ...... 5,264 3,284 697 1,517 2,129 921 914 1,765 206 399 13,657 5 all other foreigners ...... −728 −160 −73 −5 −955 305 −474 −9 228 95 19,625 By bank ownership: 2 6 U.S.-owned IBF's ...... −4,358 2,123 −6,020 6,495 −1,713 −3,120 1,612 −7,368 7,393 486 56,484 7 Foreign-owned IBF's ...... 7,796 35,056 11,503 2,508 −4,023 −2,192 23,389 1,031 7,069 3,567 137,274 8 Banks' dollar acceptances payable by foreigners ...... 273 867 1,092 312 −970 −161 741 −163 −30 319 7,871

See footnotes on page 79.  March      •

Table 9.ÐForeign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks [Millions of dollars]

1992 1993 Amounts Line (Credits +; increase in foreign assets. Debits −; decrease in foreign assets.) 1992 1993 p outstand- r p ing Dec. I II III IV I II III IV 31, 1993

A1 Foreign official assets in the United States (table 1, line 49) ...... 40,684 71,225 21,124 21,008 −7,378 5,931 10,929 17,699 19,237 23,360 508,592 By type: 2 U.S. Treasury securities (table 1, line 51) ...... 18,454 48,700 14,916 11,240 −323 −7,379 1,039 5,668 19,098 22,895 372,875 3 Bills and certificates ...... 11,904 46,304 9,451 7,135 4,356 −9,038 8,951 6,313 19,778 11,262 150,900 4 Bonds and notes, marketable ...... 6,877 1,276 5,368 4,436 −4,558 1,631 −8,002 −1,475 −771 11,524 216,633 5 Bonds and notes, nonmarketable ...... −327 1,120 97 −331 −121 28 90 830 91 109 5,342 6 Other U.S. Government securities (table 1, line 52) ...... 3,949 4,091 464 1,699 912 874 710 1,082 1,345 954 20,170 7 Other U.S. Government liabilities (table 1, line 53) ...... 2,542 1,890 58 678 864 943 −395 396 1,105 784 23,186 8 U.S. liabilities reported by U.S. banks, not included elsewhere (table 1, line 54) ...... 16,427 13,959 5,573 7,466 −7,831 11,219 8,171 9,454 −2,495 −1,171 69,048 9 Banks' liabilities for own account, payable in dollars 1 ...... 16,647 12,147 5,458 7,678 −7,094 10,605 8,433 3,215 646 −147 63,471 10 Demand deposits ...... −1,352 298 −1,288 292 131 −487 183 747 −280 −352 1,599 11 Time deposits 1 ...... 1,324 3,409 1,195 −200 −1,374 1,703 924 594 949 942 21,494 12 Other liabilities 2 ...... 16,675 8,440 5,551 7,586 −5,851 9,389 7,326 1,874 −23 −737 40,378 13 Banks' custody liabilities, payable in dollars 1 G53 ...... −220 1,812 115 −212 −737 614 −262 6,239 −3,141 −1,024 5,577 14 Other foreign official assets (table 1, line 55) ...... −688 2,585 113 −75 −1,000 274 1,404 1,099 184 −102 23,313 By area (see text table D): B1 Other foreign assets in the United States (table 1, lines 58 and 61) ...... 55,502 36,536 −2,716 9,640 28,517 20,061 −5,263 −2,004 28,415 15,388 975,829 By type: 2 U.S. Treasury securities (table 1, line 58) ...... 36,893 24,328 623 10,168 4,870 21,232 13,599 −623 3,474 7,878 250,967 By security: 3 Bills and certificates ...... 5,011 2,480 −303 1,655 1,866 1,793 462 687 1,314 17 25,530 4 Marketable bonds and notes ...... 31,882 21,848 926 8,513 3,004 19,439 13,137 −1,310 2,160 7,861 225,437 By holder: 5 Foreign banks ...... 3,616 −380 873 583 1,978 182 −1,111 570 1,248 −1,087 10,707 6 Other private foreigners ...... 31,771 22,240 −711 8,440 2,289 21,753 11,714 −436 2,268 8,694 223,680 7 International financial institutions 4 ...... 1,506 2,468 461 1,145 603 −703 2,996 −757 −42 271 16,580 8 U.S. liabilities reported by U.S. banks (table 1, line 61) ...... 18,609 12,208 −3,339 −528 23,647 −1,171 −18,862 −1,381 24,941 7,510 724,862 9 Banks' own liabilities 1 ...... 12,245 6,327 −3,869 −287 19,237 −2,836 −17,838 482 22,615 1,068 633,103 10 Payable in dollars ...... 14,147 −288 2,826 −3,093 5,990 8,424 −28,037 6,784 16,267 4,698 555,688 By account: 11 Liabilities to own foreign offices ...... 1,066 −18,177 10,714 −10,329 7,733 −7,052 −6,313 −8,335 5,798 −9,327 313,166 Liabilities to unaffiliated foreigners: 12 demand deposits ...... 2,853 −541 254 1,351 1,418 −170 −424 −852 4,259 −3,524 19,970 13 time deposits 1 ...... −646 11,234 −13,336 4,201 −6,799 15,288 −17,198 7,579 586 20,267 153,322 14 other liabilities 2 ...... 10,874 7,196 5,194 1,684 3,638 358 −4,102 8,392 5,624 −2,718 69,230 By holder: Liabilities to: 15 own foreign offices ...... 1,066 −18,177 10,714 −10,329 7,733 −7,052 −6,313 −8,335 5,798 −9,327 313,166 16 unaffiliated foreign banks ...... 14,859 15,598 −8,269 8,609 −1,176 15,695 −17,123 14,782 4,994 12,945 160,585 17 other private foreigners ...... −1,902 3,692 −2,209 −2,778 1,607 1,478 −3,697 104 3,750 3,535 76,397 18 international financial institutions 4 ...... 124 −1,401 2,590 1,405 −2,174 −1,697 −904 233 1,725 −2,455 5,540 By bank ownership: 5 U.S.-owned banks' liabilities to: 19 own foreign offices ...... −5,855 649 17,207 −8,975 −10,297 −3,790 4,941 56 −598 −3,750 123,275 20 unaffiliated foreign banks ...... 1,393 1,391 1,167 384 375 −533 −5 699 5,079 −4,382 27,256 21 other private foreigners and international financial institutions 4 ...... −1,111 6,104 2,265 −4,651 1,638 −363 −2,924 1,677 3,871 3,480 52,049 Foreign-owned banks' liabilities to: 22 own foreign offices ...... 6,921 −18,826 −6,493 −1,354 18,030 −3,262 −11,254 −8,391 6,396 −5,577 189,891 23 unaffiliated foreign banks ...... 13,466 14,207 −9,436 8,225 −1,551 16,228 −17,118 14,083 −85 17,327 133,329 24 other private foreigners and international financial institutions 4 ...... −667 −3,813 −1,884 3,278 −2,205 144 −1,677 −1,340 1,604 −2,400 29,888 25 Payable in foreign currencies ...... −1,902 6,615 −6,695 2,806 13,247 −11,260 10,199 −6,302 6,348 −3,630 77,415 26 Banks' custody liabilities, payable in dollars 13 ...... 6,364 5,881 530 −241 4,410 1,665 −1,024 −1,863 2,326 6,442 91,759 27 Of which negotiable and readily transferable instruments ...... 3,471 12,346 −375 8 2,009 1,829 642 1,562 4,276 5,866 30,596 By area: 28 Industrial countries 6 ...... 78,964 56,827 −6,316 13,395 53,239 18,646 −1,262 17,630 15,152 25,307 549,884 29 Western Europe ...... 62,478 53,279 5,733 14,816 19,089 22,840 −13,230 28,429 9,715 28,365 377,053 30 Canada ...... 883 7,437 −1,016 −10 3,818 −1,909 6,930 −2,195 7,589 −4,887 29,100 31 Other ...... 15,603 −3,889 −11,033 −1,411 30,332 −2,285 5,038 −8,604 −2,152 1,829 143,731 32 Caribbean banking centers 7 ...... −31,021 −17,039 1,584 −7,447 −22,338 −2,820 4,554 −16,722 5,130 −10,001 273,644 33 Other areas ...... 7,559 −3,252 2,016 3,692 −2,384 4,235 −8,555 −2,912 8,133 82 152,301 34 Of which Members of OPEC, included below 8 ...... 3,413 −6,325 3,057 −833 625 564 −2,989 −80 −2,670 −586 77,075 35 Latin America ...... −7,462 −5,288 −3,835 −342 −3,179 −106 −6,187 −1,140 1,454 585 48,137 36 Asia ...... 11,676 −3,122 2,174 1,420 1,786 6,296 −3,723 −3,253 3,451 403 69,877 37 Africa ...... 746 1,511 598 −10 17 141 −17 420 492 616 6,146 38 Other 9 ...... 2,599 3,647 3,079 2,624 −1,008 −2,096 1,372 1,061 2,736 −1,522 28,141 Memoranda: 1 International banking facilities' (IBF's) own liabilities, payable in dollars (in lines A9, and B10 above) 16,184 −55 −7,713 −1,678 14,704 10,871 −22,941 8,952 6,007 7,927 315,444 By holder: Liabilities to: 2 own foreign offices ...... 7,284 −15,079 791 −9,237 22,741 −7,011 −6,447 −5,710 2,771 −5,693 137,889 3 unaffiliated foreign banks ...... 8,726 14,292 −8,470 5,481 −3,338 15,053 −17,521 13,522 1,972 16,319 134,011 4 foreign official agencies ...... 3,533 2,732 1,788 601 −1,189 2,333 2,051 1,528 286 −1,133 24,921 5 other private foreigners and international financial institutions 4 ...... −3,359 −2,000 −1,822 1,477 −3,510 496 −1,024 −388 978 −1,566 18,623

By bank ownership: 5 6 U.S.-owned IBF's ...... −579 4,561 3,499 −6,873 723 2,072 369 2,522 −360 2,030 58,643 7 Foreign-owned IBF's ...... 16,763 −4,616 −11,212 5,195 13,981 8,799 −23,310 6,430 6,367 5,897 256,801 8 Negotiable certificates of deposit held for foreigners 1 (in lines A13 and B27 above) ...... 1,658 8,456 654 −759 101 1,662 434 843 876 6,303 17,567

See footnotes on page 79.     March   •   ..    –

General notes for all tables: r Revised. p Preliminary. * Less than $500,000 ( ) n.a. Not available. ± D Suppressed to avoid disclosure of data of individual companies.

Table 1: sales contracts for the recipient countries and is applied directly to lines A39 and C9. A third part of line A3, disbursed 1. Credits, +: Exports of goods, services, and income; unilateral transfers to United States; capital inflows (increase directly to finance purchases by recipient countries from commercial suppliers in the United States, is included in line in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. official reserve assets; increase in foreign A34. A fourth part of line A3, representing dollars paid to the recipient countries to finance purchases from countries official assets in the United States. other than the United States, is included in line A45. Debits, : Imports of goods, services, and income; unilateral transfers to foreigners; capital outflows (decrease 2. Transactions under military sales contracts are those in which the Department of Defense sells and transfers in foreign assets− (U.S. liabilities) or increase in U.S. assets); increase in U.S. official reserve assets; decrease in foreign military goods and services to a foreign purchaser, on a cash or credit basis. Purchases by foreigners directly from offical assets in the United States. commercial suppliers are not included as transactions under military sales contracts. The entries for the several categories 2. Excludes exports of goods under U.S. military agency sales contracts identified in Census export documents, of transactions related to military sales contracts in this and other tables are partly estimated from incomplete data. excludes imports of goods under direct defense expenditures identified in Census import documents, and reflects various 3. The identification of transactions involving direct dollar outflows from the United States is made in reports by each other adjustments (for valuation, coverage, and timing) of Census statistics to balance of payments basis; see table 2. operating agency. 3. Includes some goods: Mainly military equipment in line 4; major equipment, other materials, supplies, and 4. Line A35 includes foreign currency collected as interest and line A40 includes foreign currency collected as petroleum products purchased abroad by U.S. military agencies in line 18; and fuels purchased by airline and steamship principal, as recorded in lines A13 and A14, respectively. operators in lines 7 and 21. 5. Includes (a) advance payments to the Department of Defense (on military sales contracts) financed by loans 4. Includes transfers of goods and services under U.S. military grant programs. extended to foreigners by U.S. Government agencies and (b) the contraentry for the part of line C10 that was delivered 5. Beginning in 1982, these lines are presented on a gross basis. The definition of exports is revised to exclude without prepayment by the foreign purchaser. Also includes expenditures of appropriations available to release foreign U.S. parents’ payments to foreign affiliates and to include U.S. affiliates’ receipts from foreign parents. The definition purchasers from liability to make repayment. of imports is revised to include U.S. parents’ payments to foreign affiliates and to exclude U.S. affiliates’ receipts from 6. Includes purchases of loans from U.S. banks and exporters and payments by the U.S. Government under foreign parents. commercial export credit and investment guarantee programs. 6. Beginning in 1982, the “other transfers” component includes taxes paid by U.S. private residents to foreign 7. Excludes liabilities associated with military sales contracts financed by U.S. Government grants and credits and governments and taxes paid by private nonresidents to the U.S. Government. included in line C2. 7. For all areas, amounts outstanding December 31, 1993, were as follows in millions of dollars: Line 34, 73,442; Table 5: line 35, 11,053; line 36, 9,039; line 37, 11,818; line 38, 41,532. Data are preliminary. 1. Petroleum includes, and manufacturing and “other” industries exclude, the exploration, development, and pro- 8. Includes sales of foreign obligations to foreigners. duction of crude oil and gas, and the transportation, refining, and marketing of petroleum products, exclusive of 9. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible petrochemicals. “Other” industries includes wholesale trade; banking; finance (except banking), insurance, and real es- bonds and notes. tate; services; and other industries—agriculture, forestry, and fishing; mining; construction; transportation, communication, 10. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and of debt securities of and public utilities; and retail trade. U.S. Government corporations and agencies. 2. Acquisition of equity holdings in existing and newly established companies, capital contributions, capitalization of 11. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other intercompany debt, and other equity contributions. transactions arranged with or through foreign official agencies; see table 4. 3. Sales (total and partial), liquidations, returns of capital contributions, and other dispositions of equity holdings. 12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State and Table 6: local governments. 1. Primarily provincial, regional, and municipal. 13. Conceptually, the sum of lines 70 and 62 is equal to “net foreign investment” in the national income and product 2. Largely transactions by International Bank for Reconstruction and Development (IBRD), International Develop- accounts (NIPA’s). However, the foreign transactions account in the NIPA’s (a) includes adjustments to the international ment Association (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), and Inter-American transactions accounts for the treatment of gold, (b) includes adjustments for the different geographical treatment of Development Bank (IDB). transactions with U.S. territories and Puerto Rico, and (c) includes services furnished without payment by financial pension 3. Estimate for scheduled redemptions and identifiable early retirements. Includes estimates based on Canadian plans except life insurance carriers and private noninsured pension plans. A reconciliation of the balance on goods statistics for redemptions of Canadian issues held in the United States. Unidentified and nonscheduled retirements appear and services from the international accounts and the NIPA net exports appears in the “Reconciliation and Other Special in line A30. Tables” section in this issue of the SURVEY OF CURRENT BUSINESS. A reconciliation of the other foreign transactions in the two sets of accounts appears in table 4.5 of the full set of NIPA tables (published annually in the July issue of the SURVEY). Table 7: 1. Deposits include other financial claims for the United Kingdom, Canada, Bahamas, and British West Indies (Cayman Islands) due to the commingling of these categories in foreign source data. Table 2: 2. Primarily mortgages, loans, and bills and notes drawn on foreigners. 1. Exports, Census basis, represent transactions values, f.a.s. U.S. port of exportation; imports, Census basis, 3. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. represent Customs values (see Technical Notes in the June 1982 SURVEY). Unadjusted data are as published by the 4. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama. Bureau of the Census. Seasonally adjusted data reflect the application of seasonal factors developed jointly by Census 5. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Beginning and BEA. in January 1993, excludes Ecuador. 2. Beginning in 1990, the Census Bureau replaced its compiled export statistics with counterpart Canadian import statistics. Similarly, Statistics Canada replaced its compiled export statistics with counterpart U.S. import statistics. This Table 8: exchange of data has eliminated the need for the inland freight adjustment on U.S. exports, but not on U.S. imports. 1. Includes central governments and their agencies and corporations; state, provincial, and local governments and 3. Adjustments in lines A5 and A13, B12, B47, and B82 reflect the Census Bureau’s reconciliation of discrepancies their agencies and corporations; and international and regional organizations. between the merchandise trade statistics published by the United States and the counterpart statistics published in 2. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers’ and dealers’ accounts Canada. These adjustments are distributed to the affected end-use categories in section C. may be commingled in some categories. Foreign-owned banks include U.S. branches and agencies of foreign banks 4. Exports of military equipment under U.S. military agency sales contracts with foreign governments (line A6), and and majority-owned bank subsidiaries in the United States. direct imports by the Department of Defense and the Coast Guard (line A14), to the extent such trade is identifiable from 3. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. Customs declarations. The exports are included in tables 1 and 10, line 4 (transfers under U.S. military agency sales 4. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama. contracts); the imports are included in tables 1 and 10, line 18 (direct defense expenditures). 5. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Beginning 5. Addition of electrical energy; deduction of exposed motion picture film for rental rather than sale; net change in in January 1993, excludes Ecuador. stock of U.S.-owned grains in storage in Canada; coverage adjustments for special situations in which shipments were 6. Includes Eastern Europe and international and regional organizations. omitted from Census data; deduction of the value of repairs and alterations to foreign-owned equipment shipped to the United States for repair; and the inclusion of fish exported outside of U.S. customs area. Table 9: 6. Deduction of foreign charges for repair of U.S. vessels abroad, which are included in tables 1 and 10, line 21 1. Negotiable certificates of deposit issued by banks in the United States are included in banks’ custody liabilities (other transportation); coverage adjustments for special situations in which shipments were omitted from Census data; and are separately identified in memorandum line 8. Nonnegotiable certificates of deposit are included in time deposits. and the deduction of the value of repairs and alterations to U.S.-owned equipment shipped abroad for repair. 2. Includes borrowing under Federal funds or repurchase arrangements, deferred credits, and liabilities other than 7. Annual and unadjusted quarterly data shown in this table correspond to country and area data in table 10, lines 2 deposits. and 16. Trade with international organizations includes purchases of nonmonetary gold from the International Monetary 3. Mainly negotiable and readily transferable instruments, excluding U.S. Treasury securities. Fund, transfers of tin to the International Tin Council (ITC), and sales of satellites to Intelsat. The memoranda are defined 4. Mainly International Bank for Reconstruction and Development (IBRD), International Development Association as follows: Industrial countries: Western Europe, Canada, Japan, Australia, New Zealand, and South Africa; Members (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), Inter-American Development Bank (IDB), of OPEC: Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Indonesia, Algeria, Libya, and the Trust Fund of the International Monetary Fund. Nigeria, and Gabon (beginning in January 1993, excludes Ecuador); Other countries: Eastern Europe, Latin America and 5. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers’ and dealers’ liabilities Other Western Hemisphere, and other countries in Asia and Africa, less OPEC. For all years, “Asia” and “Africa” exclude may be commingled in some categories. Foreign-owned banks are U.S. branches and agencies of foreign banks and certain Pacific Islands and unidentified countries included in “Other countries in Asia and Africa.” majority-owned bank subsidiaries in the United States. 8. Beginning in 1986, New Zealand and South Africa are included in “Other countries in Asia and Africa,” with New 6. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. Zealand included as part of “Asia” and South Africa as part of “Africa.” 7. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama. 9. Includes nuclear fuel materials and fuels. 8. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Beginning in January 1993, excludes Ecuador. Table 3: 9. Includes Eastern Europe and international and regional organizations. 1. Patented techniques, processes, and formulas and other intangible property rights that are used in goods production. Table 10: 2. Copyrights, trademarks, franchises, rights to broadcast live events, and other intangible property rights. For footnotes 1–13, see table 1. 3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign governments and international 14. The “European Communities (12)” includes the “European Communities (6),” United Kingdom, Denmark, Ireland, organizations in the United States. Payments (imports) include mainly wages of foreign residents temporarily employed Greece, Spain, and Portugal. in the United States and Canadian and Mexican commuters in U.S. border areas. 15. The “European Communities (6)” includes Belgium, France, Germany (includes the former German Democratic Republic (East Germany) beginning in the fourth quarter of 1990), Italy, Luxembourg, Netherlands, European Atomic Table 4: Energy Community, European Coal and Steel Community, and European Investment Bank. 1. Expenditures to release foreign governments from their contractual liabilities to pay for military goods and serv- 16. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged in ices purchased through military sales contracts—first authorized (for Israel) under Public Law 93–199, section 4, and international shipping, in operating oil and gas drilling equipment internationally, and in petroleum trading. Also includes subsequently authorized (for many recipients) under similar legislation—are included in line A3. Deliveries against these taxes withheld, current-cost adjustments associated with U.S. and foreign direct investment, and small transactions in military sales contracts are included in line C10; see footnote 2. Of the line A3 items, part of these military expenditures business services that are not reported by country. is applied in lines A40 and A43 to reduce short-term assets previously recorded in lines A38 and C8; this application of 17. Details not shown separately; see totals in lines 49 and 56. funds is excluded from lines C3 and C4. A second part of line A3 expenditures finances future deliveries under military 18. Details not shown separately are included in line 61.  March      •

Table 10.ÐU.S. International [Millions

Western Europe European Communities (12) 14 Line (Credits +; debits −) 1 1993 p 1992 1993 p I II III r IV p 1992 1993

1 Exports of goods, services, and income ...... 223,925 224,691 56,306 56,143 54,289 57,954 194,783 191,685 2 Merchandise, adjusted, excluding military 2 ...... 114,454 111,327 29,589 27,476 24,889 29,373 100,623 94,999 3 Services 3 ...... 64,230 67,526 15,794 16,613 18,402 16,718 54,364 56,660 4 Transfers under U.S. military agency sales contracts 4 ...... 2,633 3,218 884 831 723 780 1,857 2,281 5 Travel ...... 17,128 19,446 3,859 4,797 6,370 4,420 14,019 15,963 6 Passenger fares ...... 6,455 6,441 1,416 1,486 2,069 1,471 5,969 5,968 7 Other transportation ...... 7,468 7,993 1,860 2,004 1,986 2,143 5,806 5,904 8 Royalties and license fees 5 ...... 11,555 10,831 2,552 2,715 2,575 2,990 10,473 9,754 9 Other private services 5 ...... 18,876 19,278 5,150 4,605 4,662 4,861 16,154 16,526 10 U.S. Government miscellaneous services ...... 116 318 75 174 17 53 86 265 11 Income receipts on U.S. assets abroad ...... 45,241 45,838 10,922 12,054 10,998 11,863 39,796 40,027 12 Direct investment receipts ...... 21,699 23,982 5,674 6,650 5,514 6,145 18,194 19,793 13 Other private receipts ...... 20,550 19,841 4,645 4,940 4,937 5,319 18,825 18,389 14 U.S. Government receipts ...... 2,992 2,014 604 464 548 399 2,777 1,845 15 Imports of goods, services, and income ...... −217,783 −237,170 −53,680 −60,773 −61,337 −61,380 −187,023 −203,602 16 Merchandise, adjusted, excluding military 2 ...... −111,287 −121,008 −27,392 −29,978 −30,321 −33,317 −93,895 −102,255 17 Services 3 ...... −52,727 −56,219 −11,928 −15,180 −16,003 −13,109 −46,532 −48,906 18 Direct defense expenditures ...... −9,843 −8,683 −2,308 −2,320 −2,031 −2,024 −9,029 −7,935 19 Travel ...... −13,221 −13,957 −2,089 −4,481 −5,033 −2,354 −12,185 −12,898 20 Passenger fares ...... −5,456 −5,460 −1,023 −1,539 −1,759 −1,139 −4,898 −4,895 21 Other transportation ...... −7,989 −8,359 −1,863 −2,150 −2,142 −2,204 −6,349 −6,187 22 Royalties and license fees 5 ...... −3,508 −3,317 −708 −828 −892 −890 −2,763 −2,533 23 Other private services 5 ...... −11,735 −15,367 −3,647 −3,615 −3,872 −4,233 −10,506 −13,601 24 U.S. Government miscellaneous services ...... −975 −1,077 −291 −246 −274 −266 −802 −858 25 Income payments on foreign assets in the United States ...... −53,769 −59,943 −14,360 −15,616 −15,013 −14,954 −46,596 −52,441 26 Direct investment payments ...... −4,650 −11,043 −2,312 −3,405 −2,967 −2,359 −4,295 −10,073 27 Other private payments ...... −32,127 −32,145 −7,738 −8,112 −7,843 −8,452 −28,122 −28,270 28 U.S. Government payments ...... −16,992 −16,755 −4,310 −4,099 −4,203 −4,143 −14,179 −14,098 29 Unilateral transfers, net ...... −157 591 40 126 275 150 989 1,678 30 U.S. Government grants 4 ...... −993 −776 −285 −259 −121 −111 −290 −127 31 U.S. Government pensions and other transfers ...... −1,063 −1,117 −248 −276 −253 −341 −795 −829 32 Private remittances and other transfers 6 ...... 1,898 2,484 573 660 649 602 2,074 2,634 33 U.S. assets abroad, net (increase/capital outflow (−)) ...... −60,721 −91,331 −5,630 −29,888 −34,899 −20,914 −41,671 −82,146 34 U.S. official reserve assets, net 7 ...... 5,271 −1,618 −455 −431 −388 −344 8,901 −1,006 35 Gold ...... 36 Special drawing rights ...... 37 Reserve position in the International Monetary Fund ...... 38 Foreign currencies ...... 5,271 −1,618 −455 −431 −388 −344 8,901 −1,006 39 U.S. Government assets, other than official reserve assets, net ...... 210 291 34 103 92 62 25 104 40 U.S. credits and other long−term assets ...... −527 −346 −98 −12 −117 −119 −455 −346 41 Repayments on U.S. credits and other long−term assets 8 ...... 686 669 143 123 210 193 432 473 42 U.S. foreign currency holdings and U.S. short−term assets, net ...... 50 −33 −11 −8 −1 −12 49 −23 43 U.S. private assets, net ...... −66,202 −90,004 −5,209 −29,560 −34,603 −20,632 −50,598 −81,244 44 Direct investment ...... −13,012 −23,380 −2,272 −5,814 −2,245 −13,049 −9,711 −19,229 45 Foreign securities ...... −36,369 −85,325 −15,722 −19,588 −38,539 −11,476 −30,019 −79,235 46 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns ...... 1,535 n.a. −491 −1,955 4,967 n.a. 1,533 n.a. 47 U.S. claims reported by U.S. banks, not included elsewhere ...... −18,356 16,180 13,276 −2,203 1,214 3,893 −12,401 14,535 48 Foreign assets in the United States, net (increase/capital inflow (+)) ...... 94,787 132,474 478 44,484 29,540 57,972 71,817 121,488 49 Foreign official assets in the United States, net ...... 20,795 14,274 −1,370 3,306 3,328 9,010 (18)(18) 50 U.S. Government securities ...... (17)(17)(17)(17)(17)(17)(18)(18) 51 U.S. Treasury securities 9 ...... (17)(17)(17)(17)(17)(17)(18)(18) 52 Other 10 ...... (17)(17)(17)(17)(17)(17)(18)(18) 53 Other U.S. Government liabilities 11 ...... 467 −60 −64 38 44 −78 361 −127 54 U.S. liabilities reported by U.S. banks, not included elsewhere ...... (17)(17)(17)(17)(17)(17)(18)(18) 55 Other foreign official assets 12 ...... (17)(17)(17)(17)(17)(17)(18)(18) 56 Other foreign assets in the United States, net ...... 73,992 118,200 1,849 41,178 26,213 48,962 (18)(18) 57 Direct investment ...... −62 27,470 7,572 7,379 6,692 5,829 −1,938 27,167 58 U.S. Treasury securities ...... (17)(17)(17)(17)(17)(17)(18)(18) 59 U.S. securities other than U.S. Treasury securities ...... 12,005 30,859 6,024 3,791 5,762 15,282 12,388 27,651 60 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns ...... −244 n.a. 1,281 1,778 3,621 n.a. −257 n.a. 61 U.S. liabilities reported by U.S. banks, not included elsewhere ...... (17)(17)(17)(17)(17)(17) 18 61,263 18 60,185 62 Allocations of special drawing rights ...... 63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with sign reversed) ...... −40,051 −29,255 2,486 −10,091 12,131 −33,782 −38,895 −29,104

Memoranda: 64 Balance on merchandise trade (lines 2 and 16) ...... 3,167 −9,681 2,197 −2,502 −5,432 −3,944 6,728 −7,256 65 Balance on services (lines 3 and 17) ...... 11,504 11,307 3,866 1,433 2,399 3,609 7,832 7,754 66 Balance on goods and services (lines 64 and 65) ...... 14,671 1,626 6,063 −1,069 −3,033 −335 14,560 498 67 Balance on investment income (lines 11 and 25) ...... −8,528 −14,105 −3,438 −3,562 −4,014 −3,091 −6,800 −12,415 68 Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13 ...... 6,142 −12,479 2,626 −4,631 −7,048 −3,426 7,760 −11,917 69 Unilateral transfers, net (line 29) ...... −157 591 40 126 275 150 989 1,678 70 Balance on current account (lines 1, 15, and 29 or lines 68 and 69) 13 ...... 5,985 −11,888 2,666 −4,505 −6,772 −3,276 8,748 −10,239

See footnotes on page 79.     March   •

Transactions, by Area of dollars]

European Communities (12) 14 United Kingdom European Communities (6) 15 1993 1993 1993 Line 1992 1993 p 1992 1993 p I II III r IV p I II III r IV p I II III r IV p

49,146 46,874 46,161 49,505 56,160 65,266 16,261 15,025 16,139 17,842 115,807 106,488 27,799 26,876 25,060 26,753 1 26,098 22,707 20,901 25,293 22,398 25,823 6,947 5,578 5,833 7,465 66,917 59,853 16,580 14,840 12,972 15,461 2 13,293 13,787 15,616 13,964 17,478 18,807 4,554 4,470 5,046 4,737 29,446 30,223 7,003 7,418 8,517 7,285 3 659 668 442 512 620 950 260 338 160 193 817 725 239 160 142 184 4 3,112 3,822 5,440 3,588 5,478 6,455 1,253 1,550 2,093 1,559 7,077 8,023 1,576 1,892 2,847 1,708 5 1,296 1,356 1,944 1,372 2,013 2,027 457 458 599 514 3,510 3,523 754 794 1,194 780 6 1,460 1,401 1,486 1,557 1,070 1,048 271 244 256 278 3,287 3,348 831 811 867 839 7 2,294 2,454 2,310 2,697 2,179 1,973 470 490 470 543 6,957 6,454 1,523 1,634 1,517 1,780 8 4,404 3,946 3,982 4,194 6,096 6,276 1,799 1,383 1,467 1,627 7,750 7,972 2,062 1,993 1,941 1,976 9 66 141 12 46 23 78 45 6 3 24 47 179 18 134 8 18 10 9,755 10,380 9,644 10,248 16,285 20,637 4,759 4,978 5,259 5,640 19,444 16,412 4,216 4,618 3,571 4,007 11 4,940 5,396 4,568 4,890 4,491 8,979 2,079 2,118 2,383 2,399 10,604 8,841 2,344 2,689 1,695 2,113 12 4,271 4,552 4,589 4,977 11,751 11,619 2,680 2,859 2,876 3,204 6,327 5,984 1,428 1,508 1,487 1,561 13 544 432 487 381 43 38 1 1 ...... 37 2,513 1,587 444 421 389 334 14 −46,404 −51,966 −52,528 −52,704 −63,964 −72,347 −16,743 −18,509 −18,473 −18,622 −105,815 −114,402 −25,896 −29,155 −29,473 −29,878 15 −23,325 −25,447 −25,295 −28,188 −19,934 −21,509 −4,872 −5,583 −5,246 −5,808 −66,000 −72,436 −16,521 −17,834 −17,908 −20,173 16 −10,604 −13,167 −13,915 −11,219 −14,335 −17,345 −4,082 −4,465 −4,628 −4,171 −26,906 −26,367 −5,523 −7,227 −7,680 −5,936 17 −2,168 −2,150 −1,863 −1,755 −960 −1,074 −260 −313 −251 −251 −7,661 −6,516 −1,813 −1,757 −1,527 −1,420 18 −2,014 −4,117 −4,575 −2,192 −3,876 −4,094 −906 −1,237 −1,208 −743 −6,644 −7,100 −899 −2,266 −2,717 −1,218 19 −921 −1,374 −1,550 −1,050 −1,902 −1,913 −360 −547 −560 −446 −2,163 −2,132 −402 −598 −698 −434 20 −1,452 −1,499 −1,627 −1,609 −1,625 −1,470 −348 −354 −391 −377 −3,458 −3,344 −789 −827 −889 −838 21 −560 −602 −688 −683 −1,208 −1,314 −299 −323 −352 −341 −1,282 −1,190 −253 −272 −330 −336 22 −3,247 −3,227 −3,402 −3,725 −4,686 −7,377 −1,860 −1,666 −1,852 −2,000 −5,089 −5,414 −1,202 −1,352 −1,341 −1,519 23 −243 −199 −211 −205 −79 −103 −49 −26 −14 −14 −610 −671 −166 −156 −178 −171 24 −12,474 −13,352 −13,318 −13,297 −29,695 −33,493 −7,790 −8,461 −8,599 −8,643 −12,909 −15,599 −3,853 −4,093 −3,885 −3,768 25 −2,111 −2,706 −2,960 −2,296 −3,703 −5,836 −1,265 −1,381 −1,790 −1,400 −508 −4,307 −895 −1,338 −1,178 −896 26 −6,711 −7,175 −6,840 −7,544 −21,294 −21,176 −5,024 −5,444 −5,088 −5,620 −6,283 −6,345 −1,527 −1,556 −1,547 −1,715 27 −3,652 −3,471 −3,518 −3,457 −4,698 −6,481 −1,501 −1,636 −1,721 −1,623 −6,118 −4,947 −1,431 −1,199 −1,160 −1,157 28 373 428 472 407 877 1,453 359 385 396 313 736 687 150 178 175 185 29 −45 −57 −10 −15 (*) (*) (*) ...... (*) −5 (*) ...... (*) −530 −205 −207 −208 −209 −126 −133 −33 −33 −34 −33 −450 −468 −116 −117 −117 −118 31 623 691 690 630 1,002 1,586 392 419 429 346 1,186 1,159 265 294 292 308 32 −8,317 −22,838 −33,463 −17,528 −35,961 −47,553 1,432 −14,802 −16,687 −17,496 1,078 −29,173 −7,567 −6,920 −12,543 −2,143 33 −707 91 78 −468 −5 −2 (*) −1 ...... −1 8,906 −1,003 −707 92 78 −466 34 ...... 35 ...... 36 ...... 37 −707 91 78 −468 −5 −2 (*) −1 ...... −1 8,906 −1,003 −707 92 78 −466 38 (*) 39 25 40 119 124 4 2 (*) 118 40 −13 1 −14 10 −10 39 −98 −12 −117 −119 ...... 40 109 59 135 170 115 118 ...... 118 1 1 ...... 1 ...... 1 41 −11 −96−103642(*)(*)38−15 1 −14 10 −11 42 −7,610 −22,968 −33,566 −17,100 −36,075 −47,675 1,428 −14,804 −16,687 −17,612 −7,868 −28,156 −6,861 −6,999 −12,631 −1,666 43 −1,521 −4,381 −1,721 −11,606 −3,545 −10,184 1,660 −1,924 1,230 −11,150 −3,687 −7,822 −2,947 −2,146 −2,560 −170 44 −14,008 −18,838 −35,875 −10,514 −28,977 −59,631 −9,606 −14,958 −27,062 −8,005 510 −16,785 −3,737 −2,849 −6,970 −3,229 45 −306 −1,815 4,806 n.a. 3,087 n.a. 738 937 6,666 n.a −1,086 n.a. −1,445 −2,490 −1,850 n.a 46 8,225 2,066 −776 5,020 −6,640 13,799 8,636 1,141 2,479 1,543 −3,605 2,236 1,268 486 −1,251 1,733 47 2,085 35,323 29,554 54,527 44,564 67,081 4,378 20,739 7,401 34,562 26,780 39,630 −6,195 14,646 15,455 15,725 48 (18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)49 (18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)50 (18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)51 (18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)52 −97 −55 62 −36 −80 −75 −42 −82 72 −23 −40 −61 −67 39 −4 −29 53 (18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)54 (18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)55 (18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)56 6,484 7,436 6,646 6,600 −2,608 9,797 1,338 2,292 2,213 3,954 134 17,436 5,408 4,882 4,440 2,705 57 (18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)58 4,883 3,760 5,347 13,661 9,852 22,671 3,670 2,067 4,952 11,982 2,056 3,330 705 1,540 25 1,060 59 1,251 1,642 3,719 n.a. 1,372 n.a. 1,175 552 3,790 n.a. −1,221 n.a. 26 1,098 −24 n.a. 60 18 −10,437 18 22,540 18 13,780 18 34,302 18 36,028 18 29,171 18 −1,763 18 15,911 18 −3,626 18 18,649 18 25,851 18 17,825 18 −12,268 18 7,086 18 11,019 18 11,988 61 ...... 62

3,118 −7,821 9,805 −34,206 −1,676 −13,901 −5,686 −2,839 11,225 −16,600 −38,585 −3,231 11,710 −5,624 1,325 −10,642 63

2,773 −2,740 −4,394 −2,895 2,464 4,314 2,075 −5 587 1,657 917 −12,583 59 −2,994 −4,936 −4,712 64 2,688 620 1,701 2,745 3,143 1,462 473 5 418 566 2,540 3,856 1,481 191 837 1,348 65 5,461 −2,120 −2,694 −150 5,607 5,776 2,548 (*) 1,005 2,223 3,457 −8,727 1,540 −2,803 −4,099 −3,364 66 −2,719 −2,972 −3,674 −3,050 −13,411 −12,857 −3,031 −3,483 −3,340 −3,003 6,535 813 363 525 −313 239 67 2,742 −5,091 −6,367 −3,200 −7,804 −7,081 −483 −3,483 −2,335 −780 9,991 −7,913 1,903 −2,279 −4,413 −3,125 68 373 428 472 407 877 1,453 359 385 396 313 736 687 150 178 175 185 69 3,114 −4,664 −5,896 −2,793 −6,928 −5,627 −124 −3,098 −1,939 −467 10,727 −7,227 2,052 −2,101 −4,238 −2,940 70  March      •

Table 10.ÐU.S. International [Millions

Eastern Europe Canada Line (Credits +; debits −) 1 1993 1992 1993 p 1992 1993 p I II III r IV p

1 Exports of goods, services, and income ...... 7,113 8,179 1,609 2,269 1,867 2,434 117,993 127,812 2 Merchandise, adjusted, excluding military 2 ...... 5,630 6,178 1,154 1,779 1,326 1,919 91,146 100,466 3 Services 3 ...... 1,320 1,747 353 428 487 479 17,719 16,723 4 Transfers under U.S. military agency sales contracts 4 ...... 4 1 (*) 1 ...... (*) 106 147 5 Travel ...... 405 451 75 110 142 123 7,975 7,313 6 Passenger fares ...... 112 105 27 28 26 25 1,306 1,150 7 Other transportation ...... 350 613 98 160 174 182 1,008 961 8 Royalties and license fees 5 ...... 27 42 9 11 11 11 1,304 1,275 9 Other private services 5 ...... 396 505 135 115 127 128 5,963 5,801 10 U.S. Government miscellaneous services ...... 27 30938105676 11 Income receipts on U.S. assets abroad ...... 163 254 102 63 54 36 9,128 10,623 12 Direct investment receipts ...... −62 −33 −518−28 −18 2,933 4,250 13 Other private receipts ...... 199 189 51 44 52 42 6,178 6,360 14 U.S. Government receipts ...... 26 98 56 1 30 12 17 13 15 Imports of goods, services, and income ...... −3,393 −5,128 −852 −1,335 −1,376 −1,565 −113,165 −126,450 16 Merchandise, adjusted, excluding military 2 ...... −1,977 −3,540 −594 −883 −886 −1,177 −100,871 −113,023 17 Services 3 ...... −1,204 −1,322 −217 −399 −412 −295 −8,532 −9,000 18 Direct defense expenditures ...... −2 −6 (*) −5 (*) (*) −149 −99 19 Travel ...... −468 −400 −31 −150 −163 −56 −3,507 −3,629 20 Passenger fares ...... −121 −133 −17 −43 −44 −29 −275 −241 21 Other transportation ...... −277 −387 −74 −104 −102 −107 −699 −685 22 Royalties and license fees 5 ...... −5 −6 −1 −2 −2 −2 −110 −98 23 Other private services 5 ...... −303 −362 −86 −89 −93 −95 −3,595 −4,048 24 U.S. Government miscellaneous services ...... −28 −28 −7 −6 −8 −7 −195 −201 25 Income payments on foreign assets in the United States ...... −212 −266 −41 −54 −78 −93 −3,762 −4,427 26 Direct investment payments ...... 117421(*)60−275 27 Other private payments ...... −68 −72 −15 −16 −20 −21 −2,733 −2,619 28 U.S. Government payments ...... −155 −201 −30 −40 −59 −72 −1,089 −1,533 29 Unilateral transfers, net ...... −1,300 −1,474 −423 −350 −369 −332 −322 −318 30 U.S. Government grants 4 ...... −543 −720 −221 −161 −187 −151 ...... 31 U.S. Government pensions and other transfers ...... −31 −33 −8 −8 −9 −8 −405 −421 32 Private remittances and other transfers 6 ...... −726 −721 −194 −181 −174 −173 84 103 33 U.S. assets abroad, net (increase/capital outflow (−)) ...... −1,782 −2,001 19 −735 −396 −890 −8,677 −20,069 34 U.S. official reserve assets, net 7 ...... 35 Gold ...... 36 Special drawing rights ...... 37 Reserve position in the International Monetary Fund ...... 38 Foreign currencies ...... 39 U.S. Government assets, other than official reserve assets, net ...... −196 −1,314 −265 −352 −584 −113 63 47 40 U.S. credits and other long−term assets ...... −199 −1,179 −3 −55 −40 −1,082 ...... 41 Repayments on U.S. credits and other long−term assets 8 ...... 12 ...... (*) 12 38 41 42 U.S. foreign currency holdings and U.S. short−term assets, net ...... 3 −147 −263 −297 −544 956 25 5 43 U.S. private assets, net ...... −1,586 −687 284 −383 188 −777 −8,739 −20,116 44 Direct investment ...... −397 −881 31 −252 −170 −491 −3,257 −2,426 45 Foreign securities ...... −193 −651 1 −5 −3 −644 −6,543 −14,350 46 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns ...... −39 n.a. 24 −29 28 n.a. 2,343 n.a. 47 U.S. claims reported by U.S. banks, not included elsewhere ...... −957 822 228 −97 333 358 −1,282 −4,654 48 Foreign assets in the United States, net (increase/capital inflow (+)) ...... 1,075 3,655 −764 1,221 1,607 1,590 1,200 9,328 49 Foreign official assets in the United States, net ...... (18)(18)(18)(18)(18)(18) 511 1,551 50 U.S. Government securities ...... (18)(18)(18)(18)(18)(18)(17)(17) 51 U.S. Treasury securities 9 ...... (18)(18)(18)(18)(18)(18)(17)(17) 52 Other 10 ...... (18)(18)(18)(18)(18)(18)(17)(17) 53 Other U.S. Government liabilities 11 ...... 1322(*)(*)51−34 54 U.S. liabilities reported by U.S. banks, not included elsewhere ...... (18)(18)(18)(18)(18)(18)(17)(17) 55 Other foreign official assets 12 ...... (18)(18)(18)(18)(18)(18)(17)(17) 56 Other foreign assets in the United States, net ...... (18)(18)(18)(18)(18)(18) 690 7,777 57 Direct investment ...... 69 82 37 82 −44 8 −2,144 1,804 58 U.S. Treasury securities ...... (18)(18)(18)(18)(18)(18)(17)(17) 59 U.S. securities other than U.S. Treasury securities ...... 7 29 −4 2 18 13 1,480 −1,733 60 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns ...... 31 n.a...... −63 −32 n.a. 470 n.a. 61 U.S. liabilities reported by U.S. banks, not included elsewhere ...... 18 967 18 3,635 18 −798 18 1,198 18 1,665 18 1,570 (17)(17) 62 Allocations of special drawing rights ...... 63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with sign reversed) ...... −1,713 −3,230 411 −1,070 −1,333 −1,238 2,970 9,697

Memoranda: 64 Balance on merchandise trade (lines 2 and 16) ...... 3,653 2,638 560 896 440 742 −9,725 −12,557 65 Balance on services (lines 3 and 17) ...... 116 425 136 29 76 184 9,188 7,723 66 Balance on goods and services (lines 64 and 65) ...... 3,769 3,063 696 925 516 926 −537 −4,835 67 Balance on investment income (lines 11 and 25) ...... −49 −12 61 9 −25 −57 5,366 6,197 68 Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13 ...... 3,720 3,051 757 934 491 869 4,829 1,362 69 Unilateral transfers, net (line 29) ...... −1,300 −1,474 −423 −350 −369 −332 −322 −318 70 Balance on current account (lines 1, 15, and 29 or lines 68 and 69) 13 ...... 2,420 1,576 334 584 122 537 4,507 1,044

See footnotes on page 79.     March   •

Transactions, by AreaÐContinued of dollars]

Canada Latin America and Other Western Hemisphere Japan 1993 1993 1993 Line 1992 1993 p 1992 1993 p I II III r IV p I II III r IV p I II III r IV p

30,728 33,907 30,884 32,293 127,688 131,092 31,513 31,858 32,935 34,786 80,815 80,096 19,835 20,076 20,434 19,752 1 23,933 26,634 24,032 25,867 75,379 78,325 18,776 19,999 18,954 20,596 46,874 46,883 11,757 11,848 11,579 11,699 2 4,422 4,407 4,228 3,666 26,693 28,463 6,638 6,411 7,690 7,724 26,085 27,102 6,360 6,728 7,422 6,592 3 37 39 32 38 322 243 66 59 65 53 327 540 91 89 249 112 4 1,994 2,128 1,891 1,300 12,644 13,237 2,949 2,954 3,659 3,675 9,160 8,950 1,999 2,280 2,638 2,033 5 322 290 283 255 2,735 3,045 652 669 952 772 4,559 4,707 1,099 1,266 1,303 1,039 6 231 238 239 253 3,321 3,279 822 780 844 833 2,778 2,943 733 711 729 771 7 310 340 292 332 764 943 210 222 228 283 3,544 4,041 906 982 1,022 1,131 8 1,515 1,358 1,469 1,459 6,770 7,593 1,910 1,694 1,911 2,078 5,603 5,914 1,531 1,400 1,480 1,504 9 12142228137123293431301147222210 2,373 2,866 2,624 2,761 25,617 24,304 6,099 5,448 6,292 6,466 7,857 6,112 1,718 1,499 1,433 1,462 11 937 1,250 984 1,080 12,302 14,079 3,472 3,110 3,678 3,819 2,043 1,844 511 388 428 516 12 1,429 1,616 1,634 1,681 12,095 9,643 2,478 2,247 2,407 2,511 5,008 3,667 1,037 955 858 817 13 7 ...... 6 ...... 1,220 582 149 91 207 136 806 601 170 156 147 128 14 −29,524 −33,094 −30,937 −32,895 −110,720 −115,184 −27,645 −28,365 −28,528 −30,646 −124,196 −136,111 −31,204 −32,944 −34,512 −37,452 15 −27,097 −29,706 −26,737 −29,483 −69,179 −75,171 −17,572 −19,078 −18,718 −19,803 −97,387 −107,255 −25,338 −25,583 −27,201 −29,133 16 −1,721 −2,236 −3,113 −1,930 −22,525 −23,627 −5,991 −5,495 −5,611 −6,530 −13,510 −15,053 −3,345 −3,598 −4,142 −3,967 17 −29 −25 −23 −23 −413 −365 −83 −88 −97 −97 −1,144 −1,116 −290 −278 −274 −274 18 −427 −936 −1,728 −538 −12,674 −13,395 −3,493 −3,081 −3,080 −3,741 −3,160 −3,728 −695 −906 −1,199 −928 19 −36 −70 −87 −48 −2,101 −2,208 −590 −503 −507 −608 −558 −608 −118 −164 −141 −185 20 −161 −168 −175 −181 −2,031 −1,927 −520 −458 −487 −462 −4,579 −4,930 −1,176 −1,132 −1,320 −1,301 21 −18 −20 −31 −29 −35 −86 −27 −18 −19 −22 −765 −888 −231 −215 −222 −220 22 −1,009 −971 −998 −1,071 −4,916 −5,285 −1,202 −1,253 −1,326 −1,504 −3,237 −3,720 −822 −886 −969 −1,044 23 −42 −46 −71 −41 −355 −361 −76 −93 −96 −96 −67 −62 −13 −17 −17 −15 24 −706 −1,152 −1,087 −1,482 −19,016 −16,387 −4,082 −3,793 −4,199 −4,313 −13,299 −13,804 −2,520 −3,763 −3,169 −4,352 25 216 −86 −53 −352 −350 134 68 146 −23 −58 1,794 1,003 1,034 126 408 −565 26 −629 −678 −606 −706 −14,370 −11,918 −3,069 −2,879 −2,982 −2,988 −5,803 −5,152 −1,196 −1,416 −1,140 −1,400 27 −293 −388 −428 −424 −4,296 −4,602 −1,081 −1,060 −1,194 −1,267 −9,289 −9,655 −2,358 −2,473 −2,437 −2,387 28 −91 −68 −84 −76 −8,611 −8,884 −2,497 −2,167 −2,117 −2,103 −161 −169 −73 −19 −54 −22 29 ...... −2,069 −2,035 −847 −476 −427 −285 30 (*) (*) ...... (*) ...... 30 −104 −106 −105 −107 −721 −764 −135 −184 −143 −302 −43 −46 −11 −12 −12 −11 31 14 38 21 31 −5,822 −6,085 −1,514 −1,508 −1,547 −1,516 −148 −123 −62 −8 −42 −11 32 −14,687 1,961 −3,961 −3,383 19,964 −27,910 5,526 −7,399 −8,891 −17,146 14,944 17,751 3,932 7,128 9,642 −2,950 33 ...... −995 820 −160 1,106 10 −136 34 ...... 35 ...... 36 ...... 37 ...... −995 820 −160 1,106 10 −136 38 26 −21211−468 936 764 91 307 −226 2 −12 22 −26 −10 2 39 ...... −4,028 −2,255 −544 −254 −914 −543 ...... 40 20 ...... 21 ...... 3,207 3,232 1,309 375 1,228 321 ...... 41 6 −2 −9 11 353 −41 −1 −30 −7 −32−12 22 −26 −10 2 42 −14,713 1,963 −3,973 −3,394 20,433 −28,846 4,762 −7,490 −9,197 −16,920 15,937 16,943 4,070 6,048 9,642 −2,816 43 −789 −1,409 −399 171 −13,673 −14,615 −4,625 −3,197 −3,715 −3,077 −867 −1,329 −337 −475 −174 −342 44 −8,178 −2,050 −2,264 −1,858 −1,060 −7,677 144 −955 327 −7,193 −3,557 −2,313 −2,076 1,051 9 −1,297 45 −999 2,272 41 n.a. 704 n.a. −138 −324 −2,082 n.a. −268 n.a. −2,679 920 −374 n.a. 46 −4,747 3,150 −1,351 −1,706 34,462 −4,010 9,381 −3,014 −3,727 −6,650 20,629 22,717 9,162 4,552 10,180 −1,177 47 8,436 −3,284 6,862 −2,686 −19,760 20,897 7,138 −6,812 14,369 6,202 16,349 39,388 6,657 10,255 12,110 10,366 48 1,397 −1,029 −47 1,231 (18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)49 (17)(17)(17)(17)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)50 (17)(17)(17)(17)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)51 (17)(17)(17)(17)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)52 −9 (*) −10 −14 −29 −27 13 −36 −1 −3 413 161 −100 −67 422 −93 53 (17)(17)(17)(17)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)54 (17)(17)(17)(17)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)55 7,039 −2,255 6,909 −3,917 (18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)56 132 −35 741 965 841 657 1,333 2,259 −3,146 212 3,960 2,182 −449 964 −224 1,892 57 (17)(17)(17)(17)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)58 −307 101 −1,532 5 11,174 23,009 2,091 4,357 5,122 11,439 −4,052 15,752 481 2,931 5,302 7,038 59 284 −126 111 n.a. −672 n.a. −48 −212 −376 n.a. 630 n.a. 232 −259 1,009 n.a. 60 (17)(17)(17)(17) 18 −31,074 18 −2,106 18 3,749 18 −13,179 18 12,770 18 −5,446 18 15,397 18 20,310 18 6,494 18 6,687 18 5,601 18 1,528 61 ...... 62

5,137 578 −2,765 6,747 −8,561 −12 −14,035 12,885 −7,768 8,906 12,248 −954 853 −4,495 −7,619 10,307 63

−3,164 −3,072 −2,705 −3,616 6,200 3,154 1,204 921 236 793 −50,513 −60,372 −13,581 −13,735 −15,622 −17,434 64 2,701 2,171 1,115 1,736 4,168 4,837 647 917 2,079 1,194 12,575 12,049 3,014 3,130 3,280 2,625 65 −464 −901 −1,590 −1,880 10,368 7,991 1,851 1,838 2,315 1,987 −37,938 −48,323 −10,567 −10,605 −12,342 −14,809 66 1,667 1,714 1,537 1,278 6,600 7,918 2,017 1,655 2,093 2,153 −5,442 −7,692 −802 −2,264 −1,736 −2,890 67 1,204 813 −53 −602 16,968 15,908 3,868 3,493 4,407 4,140 −43,380 −56,015 −11,369 −12,868 −14,078 −17,700 68 −91 −68 −84 −76 −8,611 −8,884 −2,497 −2,167 −2,117 −2,103 −161 −169 −73 −19 −54 −22 69 1,113 745 −137 −678 8,357 7,024 1,371 1,325 2,290 2,038 −43,541 −56,184 −11,442 −12,887 −14,133 −17,722 70  March      •

Table 10.ÐU.S. International [Millions

Australia Line (Credits +; debits −) 1 1993 1992 1993 p I II III r IV p

1 Exports of goods, services, and income ...... 15,254 14,751 3,437 3,900 3,766 3,648 2 Merchandise, adjusted, excluding military 2 ...... 8,697 8,118 1,930 2,034 2,047 2,107 3 Services 3 ...... 3,620 3,787 859 1,056 958 914 4 Transfers under U.S. military agency sales contracts 4 ...... 175 260 49 99 44 68 5 Travel ...... 1,180 1,173 260 335 322 257 6 Passenger fares ...... 659 656 137 211 164 144 7 Other transportation ...... 301 305 70 76 79 79 8 Royalties and license fees 5 ...... 451 468 104 119 118 128 9 Other private services 5 ...... 851 923 238 215 231 238 10 U.S. Government miscellaneous services ...... 422(*)(*)(*) 11 Income receipts on U.S. assets abroad ...... 2,937 2,846 647 810 761 627 12 Direct investment receipts ...... 2,167 2,051 456 610 566 419 13 Other private receipts ...... 769 794 191 200 195 208 14 U.S. Government receipts ...... 1 (*) (*) ...... (*) ...... 15 Imports of goods, services, and income ...... −6,263 −5,602 −1,362 −1,381 −1,458 −1,401 16 Merchandise, adjusted, excluding military 2 ...... −3,673 −3,287 −793 −762 −897 −835 17 Services 3 ...... −2,365 −2,295 −636 −550 −557 −552 18 Direct defense expenditures ...... −53 −39 −12 −8 −10 −10 19 Travel ...... −816 −799 −222 −173 −191 −213 20 Passenger fares ...... −307 −334 −96 −74 −68 −96 21 Other transportation ...... −753 −682 −194 −188 −184 −116 22 Royalties and license fees 5 ...... −60 −33 −12 −13 −4 −4 23 Other private services 5 ...... −333 −375 −84 −88 −95 −108 24 U.S. Government miscellaneous services ...... −42 −33 −17 −5 −6 −6 25 Income payments on foreign assets in the United States ...... −225 −20 68 −70 −4 −14 26 Direct investment payments ...... 178 202 129 −13 49 38 27 Other private payments ...... −168 −170 −30 −47 −46 −47 28 U.S. Government payments ...... −235 −52 −31 −10 −6 −5 29 Unilateral transfers, net ...... −81 −87 −24 −20 −24 −20 30 U.S. Government grants 4 ...... 31 U.S. Government pensions and other transfers ...... −25 −26 −7 −7 −7 −7 32 Private remittances and other transfers 6 ...... −56 −61 −17 −13 −17 −14 33 U.S. assets abroad, net (increase/capital outflow (−)) ...... −1,548 −6,283 −2,614 −878 −1,309 −1,482 34 U.S. official reserve assets, net 7 ...... 35 Gold ...... 36 Special drawing rights ...... 37 Reserve position in the International Monetary Fund ...... 38 Foreign currencies ...... 39 U.S. Government assets, other than official reserve assets, net ...... 20 4 3 (*) (*) ...... 40 U.S. credits and other long−term assets ...... 41 Repayments on U.S. credits and other long−term assets 8 ...... 18 1 1 ...... 1 ...... 42 U.S. foreign currency holdings and U.S. short−term assets, net ...... 222(*)(*)...... 43 U.S. private assets, net ...... −1,568 −6,286 −2,617 −878 −1,309 −1,482 44 Direct investment ...... −1,335 −1,789 −524 −586 −611 −68 45 Foreign securities ...... −554 −3,691 −173 −482 −947 −2,089 46 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns ...... 32 n.a. −122 −33 18 n.a. 47 U.S. claims reported by U.S. banks, not included elsewhere ...... 289 −669 −1,798 223 231 675 48 Foreign assets in the United States, net (increase/capital inflow (+)) ...... −5,072 −2,716 283 −1,482 −1,132 −385 49 Foreign official assets in the United States, net ...... (18)(18)(18)(18)(18)(18) 50 U.S. Government securities ...... (18)(18)(18)(18)(18)(18) 51 U.S. Treasury securities 9 ...... (18)(18)(18)(18)(18)(18) 52 Other 10 ...... (18)(18)(18)(18)(18)(18) 53 Other U.S. Government liabilities 11 ...... 24 −18 17 −52 8 10 54 U.S. liabilities reported by U.S. banks, not included elsewhere ...... (18)(18)(18)(18)(18)(18) 55 Other foreign official assets 12 ...... (18)(18)(18)(18)(18)(18) 56 Other foreign assets in the United States, net ...... (18)(18)(18)(18)(18)(18) 57 Direct investment ...... 663 −198 −159 248 −614 327 58 U.S. Treasury securities ...... (18)(18)(18)(18)(18)(18) 59 U.S. securities other than U.S. Treasury securities ...... 62 −203 8 −155 −20 −36 60 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns ...... −494 n.a. 98 −114 23 n.a. 61 U.S. liabilities reported by U.S. banks, not included elsewhere ...... 18 −5,327 18 −2,304 18 318 18 −1,409 18 −528 18 −685 62 Allocations of special drawing rights ...... 63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with sign reversed) ...... −2,291 −64 280 −139 156 −361 Memoranda: 64 Balance on merchandise trade (lines 2 and 16) ...... 5,024 4,831 1,137 1,272 1,150 1,272 65 Balance on services (lines 3 and 17) ...... 1,255 1,492 223 506 401 362 66 Balance on goods and services (lines 64 and 65) ...... 6,279 6,323 1,360 1,778 1,551 1,634 67 Balance on investment income (lines 11 and 25) ...... 2,713 2,826 715 741 757 613 68 Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13 ...... 8,991 9,149 2,075 2,518 2,308 2,247 69 Unilateral transfers, net (line 29) ...... −81 −87 −24 −20 −24 −20 70 Balance on current account (lines 1, 15, and 29 or lines 68 and 69) 13 ...... 8,911 9,062 2,051 2,499 2,285 2,227

See footnotes on page 79.     March   •

Transactions, by AreaÐContinued of dollars]

Other countries in Asia and Africa International organizations and unallocated 16 1993 1993 Line 1992 1993 p 1992 1993 p I II III r IV p I II III r IV p

147,020 156,376 37,862 38,411 38,849 41,254 10,652 10,900 2,543 2,599 2,716 3,041 1 97,869 105,245 24,884 26,041 25,320 29,000 89 224 ...... 224 2 35,209 36,879 9,551 8,893 9,875 8,560 4,834 4,565 1,195 1,093 1,122 1,156 3 7,447 6,850 1,930 1,833 1,718 1,370 ...... 4 5,370 5,931 1,248 1,488 1,951 1,244 ...... 5 1,528 1,744 369 454 563 358 ...... 6 6,104 6,436 1,619 1,639 1,579 1,599 1,443 979 301 231 226 220 7 1,533 1,745 360 440 446 500 1,060 1,070 247 267 260 296 8 12,906 13,904 3,989 2,976 3,515 3,424 2,236 2,516 647 595 635 640 9 321 269 37 63 104 65 94 1 (*) (*) (*) 1 10 13,942 14,252 3,427 3,477 3,653 3,695 5,729 6,111 1,349 1,506 1,594 1,662 11 9,342 9,792 2,304 2,435 2,486 2,567 −537 −151 −145 −126 −91 210 12 3,300 3,310 859 830 796 825 5,588 5,723 1,353 1,465 1,567 1,338 13 1,300 1,150 264 212 372 302 677 539 140 167 118 113 14 −184,833 −200,875 −45,706 −48,926 −54,206 −52,036 −3,614 −4,111 −1,065 −998 −1,009 −1,040 15 −151,902 −165,960 −37,408 −40,298 −45,339 −42,915 ...... 16 −19,980 −21,565 −5,013 −5,306 −5,551 −5,696 −2,458 −2,033 −548 −510 −485 −492 17 −2,161 −1,978 −481 −451 −523 −523 ...... 18 −6,026 −6,422 −1,439 −1,660 −1,683 −1,640 ...... 19 −2,125 −2,272 −524 −502 −584 −662 ...... 20 −5,654 −6,378 −1,515 −1,601 −1,638 −1,624 −1,473 −1,164 −343 −291 −263 −267 21 −56 −57 −14 −14 −15 −15 −447 −262 −60 −65 −69 −69 22 −3,332 −3,832 −892 −921 −947 −1,072 −537 −606 −144 −153 −153 −156 23 −626 −626 −148 −157 −161 −160 −1 −1 ...... −1 ...... 24 −12,951 −13,350 −3,286 −3,322 −3,316 −3,426 −1,156 −2,078 −517 −488 −524 −549 25 488 137 85 87 −16 −19 841 −3 −18 10 −1626 −4,594 −4,752 −1,142 −1,254 −1,135 −1,221 −1,719 −1,717 −421 −418 −429 −449 27 −8,845 −8,735 −2,229 −2,155 −2,165 −2,186 −278 −358 −78 −80 −94 −106 28 −14,132 −13,656 −2,684 −2,571 −2,998 −5,403 −8,132 −8,512 −1,719 −1,953 −2,010 −2,830 29 −10,072 −9,634 −1,542 −1,687 −1,951 −4,454 −1,041 −1,273 −346 −148 −344 −435 30 −357 −375 −94 −95 −93 −94 −1,091 −1,162 −72 −268 −106 −716 31 −3,703 −3,646 −1,048 −789 −954 −855 −6,001 −6,077 −1,301 −1,538 −1,560 −1,679 32 −18,331 −16,072 −867 −3,433 −4,354 −7,417 5,189 2,043 644 2,043 −324 −321 33 ...... −376 −581 −368 147 −167 −193 34 ...... 35 ...... 2,316 −537 −140 −166 −118 −113 36 ...... −2,692 −44 −228 313 −48 −80 37 ...... 38 −285 822 133 106 213 370 −954 −879 −181 −195 −212 −291 39 −1,433 −983 −114 −211 −254 −404 −954 −879 −181 −195 −212 −291 40 1,647 1,935 334 361 464 775 ...... 41 −499 −130 −87 −44 3 −2 ...... 42 −18,045 −16,894 −1,000 −3,540 −4,568 −7,787 6,518 3,503 1,193 2,091 55 163 43 −4,397 −6,972 −1,504 −2,040 −2,396 −1,033 2,148 1,148 398 362 269 118 44 −2,723 −11,155 87 −2,532 −4,526 −4,184 3,038 −215 −972 463 149 145 45 235 n.a. −373 −401 388 n.a. 9 n.a. 4 −7 −4 n.a. 46 −11,160 1,619 790 1,433 1,966 −2,570 1,323 2,577 1,763 1,273 −359 −100 47 39,326 24,579 3,848 −518 7,569 13,680 1,674 −1,226 −859 −438 1,399 −1,328 48 (18)(18)(18)(18)(18)(18) (*) −1 ...... −149 (18)(18)(18)(18)(18)(18) ...... 50 (18)(18)(18)(18)(18)(18) ...... 51 (18)(18)(18)(18)(18)(18) ...... 52 1,615 1,865 −253 512 643 963 (*) −1 ...... −153 (18)(18)(18)(18)(18)(18) ...... 54 (18)(18)(18)(18)(18)(18) ...... 55 (18)(18)(18)(18)(18)(18) 1,674 −1,225 −859 −438 1,399 −1,327 56 59 −366 −293 481 −50 −504 −1,010 −113 −72 −32 −8 −157 (18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)(18)58 9,089 12,173 1,430 4,029 2,564 4,150 509 −274 −329 −31 41 45 59 837 n.a. 132 318 −327 n.a. 183 n.a. 78 39 40 n.a. 60 18 27,726 18 10,784 18 2,832 18 −5,858 18 4,739 18 9,071 18 1,992 18 −995 18 −536 18 −414 18 1,326 18 −1,371 61 ...... 62 30,950 49,647 7,547 17,038 15,141 9,922 −5,770 906 455 −1,253 −772 2,477 63

−54,033 −60,715 −12,524 −14,257 −20,019 −13,915 89 224 ...... 224 64 15,230 15,314 4,538 3,587 4,325 2,864 2,377 2,532 647 583 637 664 65 −38,803 −45,401 −7,986 −10,670 −15,695 −11,051 2,466 2,756 647 583 637 888 66 990 902 141 155 337 269 4,572 4,033 832 1,018 1,070 1,113 67 −37,813 −44,499 −7,844 −10,515 −15,357 −10,782 7,038 6,789 1,479 1,601 1,707 2,001 68 −14,132 −13,656 −2,684 −2,571 −2,998 −5,403 −8,132 −8,512 −1,719 −1,953 −2,010 −2,830 69 −51,945 −58,154 −10,528 −13,086 −18,355 −16,185 −1,094 −1,723 −241 −352 −303 −829 70